| dc.description.abstract | The objective of the study was to analyze the risk management practices in savings and credit cooperatives (SACCOs) in Kampala. The specific objectives were to establish the application of risk management practices, to establish challenges of risk management practices and to identify strategies of enhancing risk management practices in SACCOs. This research design was descriptive and cross-sectional in nature. The research used purposive sampling from a population of SACCO Managers, Board Members, Supervisory committee and other strategic leaders. The researcher used purposive and convenient sampling by sharing an online questionnaire on the UCSCU platform of SACCO Managers and Board Members. Primary data was collected and later analyzed using Microsoft Excel and SPSS.
The study established that most SACCOs were applying the following risk management practices existence of an independent risk department, use of a risk management software, a strategic plan that outlines risk management techniques and application, budget allocation for risk management, existence of a risk management policy and risk management and profiling. The study also confirmed that SACCOs were faced with challenges of decision making and accountability, fraud, lack of a risk culture, communication, risk assessment, monitoring and risk data to analyses the challenges of Risk management practices. The following strategies were identified among the SACCOs to enhance risk management practices that is regular meetings to review risk, Board and
Staff training in risk management, communication, self-assessment, maintenance of a strategic risk register and defining the risk appetite to guide decision making.
In conclusion, though SACCOs were putting effort to manage risks, there were inconsistences sin the application of risk management practices, and the strategies that can enhance risk management despite the challenges they were facing. | en_US |
