Effectiveness of risk management strategies used by Standard Chartered Bank Uganda
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The purpose of the study was to investigate whether Standard Chartered bank Uganda is applying risk management strategies effectively. The objectives of the study were; to find out the types of risks considered, to identify which risks are managed, to explore the risk management process, to examine the risk management strategies adopted, to establish the benefits of risk management and to establish ways of enhancing the risk management process The study used a cross-sectional survey research design adopting a qualitative approach. The sample size was 15 participants and reached through purposive sampling and the method of data collections was interviews. The study established that Standard Chartered bank Uganda uses different strategies of risk management and among them are insurance, in-house management, precautionary measures and avoiding risky ventures. The study further confirmed the impact of improved risk management capabilities as reduced market losses, reduced financial losses, reduced operational losses, improved early warning capability, enhanced profitability and sustainability, enhanced market reputation, enhanced efficiencies and less intervention by regulators. The study concludes that most of the techniques used for the management of risk in Standard Chartered bank Uganda were not quite effective. For effective management of risks, it is therefore recommended that the Bank puts in place proper development and application of risk management process by the bank.