Insurance man, Dan Okehi develops risk management software for banks

After about three decades in the nation’s insurance industry, Dan Okehi, a chartered insurer has expanded his scope of contribution to the financial services market with the development of software for risk management by banks.

The software, which was an offshoot of his doctorial research work in 2014 from the Walden University with the theme “Modelling Risk Management in Bank –Examining Why Banks Fail” is already accepted by many banks offshore and electronic copies sold over one million copies.

The software is called Brickred Enterprise Risk Management Software Tool.

Okehi speaking on the research work said the persistent bank failure in the Nigerian financial system have been a major concern of the government, depositors, shareholders, and the general public because of the important roles banks play in the economy.

The aim of this research, he stated was to determine why there have been persistent bank failures in Nigeria and to investigate whether ineffective risk management in banks, coupled with poor corporate governance practices and non-adherence to regulations.

According to him, the research design was survey design, and a survey instrument was used to collect data from the target population of 300 senior bank executives who were randomly selected from the 24 operating banks in Nigeria. The findings Okehi observed suggest that, by adopting effective risk management, improving corporate governance practices, and adhering to regulations, Nigerian banks can improve their performance.

This research has positive social implications for those in the banking industry by ensuring the safety of the depositors’ funds in banks, and stabilizing the payment system in the economy, which historically would have been disrupted by systemic failure in the banking industry.

Modestus  Anaesoronye