Identifying and minimizing risks in the change management process: The case of Nigerian banking industry

Abstract

Issues in Business Management and Economics
Vol.1 (6), pp. 148-162, October 2013
Article ID BM043, 015 pages
Copyright © 2014 Author(s) retain the copyright of this article. Author(s) agree that this article remain permanently open access
under the terms of the Creative Commons Attribution License 3.0 International License

Review

Identifying and minimizing risks in the change management process: The case of Nigerian banking industry

Accepted 7 October, 2013

Muo, I.K.

Department of Business Administration,Olabisi Onabanjo University,Ago-Iwoye, Nigeria.

Author E-mail: muoigbo@yahoo.com
Tel.:+2348033026625

 Abstract

This paper examines the numerous imposed and voluntary changes that have occurred in the Nigerian banking industry in the past three decades and identifies the risks associated with the management of those changes. These risks include failure, corporate death, succession, operational policy, infidelity, political and country risks. It also highlights the strategies for managing and minimizing these risks to include thorough planning and execution, stakeholder mapping, strategic control, proactive succession management and key-man insurance. The paper concludes that it is important for organizations to be aware of change risks, pay particular attention to people issues and continuously scan the environment so as to detect early warning signals. Ultimately, the human element is more critical than technology and processes, while an Organisational Behaviour perspective is more imperative rather than focusing solely on facts and figures.

Key words: risk, risk-management, change management, central bank of Nigeria, banking industry

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