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The general objective of the study was to assess the performance of internal audit
system in risk management by focusing at Bank of Africa (BOA) as a case study.
Specifically, the study aimed to explore how BOA implements its Internal Audit
System and Risk Management, examine the performance of Internal Audit System in
risk management and identify challenges faced by BOA in implementing risk
management
The methodology used to conduct this study was descriptive in nature and included
the use of various data collection methods and tools such as questionnaires and
interviews. The study used primary data collection methods such as; observation,
interviews and questionnaires. The study also used secondary data collection
methods such as documentation to collect data.
From the findings of the study, the researcher concludes that the internal audit
function at BOA is somehow effective in implementing risk managements although
the exercise is faced by various challenges that hinder effectiveness of BOA in
performing risk management. These challenges include; lack of awareness on risk
management among respondents, poor planning and lack of adequate resources.
From the conclusion; the researcher recommends that; BOA should improve the
institutional setting and environment to provide an autonomous environment for
smooth functions of Risk management. Also, BOA should take strategic measures to
strengthen their audit department so as to make it more effective in mitigating
financial risk and implementing risk management strategies. Lastly, BOA should
employee more internal audit staff. |
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