Leap Africa, Lafarge, Sterling Bank task MSMEs on risk management

Leap Africa, Lafarge Africa and Sterling Bank have tasked start-ups, micro, small and medium enterprises to mitigate and skilfully manage risks to maximise profits and sustain growth. These institutions gave the admonition during the 10th CEOs Forum, organised by Leap Africa, themed ‘Staying Ahead: Maximising Profits and Mitigating Risks.’

It was a forum where over 800 business leaders, entrepreneurs and risk management experts in Nigeria converged to address MSMEs on the importance of risk identification, assessment and analysis with a focus on minimising revenue losses.

In her opening remarks, Juliet Chiazor, board member and Google country manager, said risk management should not be reduced to a checklist but has to be imbibed in the DNA of a company, stressing that it is not only the responsibility of managers but also that of all employees.

Guillaume Roux, group MD/CEO, Lafarge Africa plc, urged MSMEs and participants to imbibe Lafarge’s practice of viewing risks as opportunities rather than threats. “We view threats as opportunities and we believe this should be imbibed by business leaders,” Roux said. Adepeju Adebajo, managing director, WAPCO Operations, used a risk matrix to analyse risks at all levels of the supply chain, drawing on experiences of Lafarge.

Oluwole Oshin, managing director, Custodian And Allied Insurance Limited, highlighted the importance of insurance policies and their benefits to MSMEs, while urging players in this category to leverage insurance opportunities to grow sustainably.

The event attracted other seasoned entrepreneurs and business managers. At the event, LEAP presented its 11th book entitled, ‘The Art of Managing Risk.’ The book introduces entrepreneurs and business managers to risk management in the Nigerian context and urges them to explore opportunities with boldness by taking practical steps to identify, analyse and mitigate risks. LEAP’s CEOs Forum is an annual gathering of private, public and social development CEOs, where the organisation provides framework for SMEs to build sustainable companies.

ODINAKA ANUDU