Effects of Internal Control System on Risk Management in Nigerian Banks

ABSTRACT

This study examines the effects of internal control system on risk management in Nigerian banks with reference to Guaranty Trust Bank Plc .The research design used for this study was descriptive design. The target population was staff members of Guaranty Trust Bank. Data were collected by use of a questionnaire and secondary data. Data were analyzed mainly by use of descriptive and inferential statistics. Data was presented by use of simple table percentage. From the study findings it was revealed that internal control system has significant effect on risk management in Nigerian banks. The study recommends that Banks should employ competent professional accountants to take charge of their internal controls functions, Bank management should always review and evaluate, on timely basis, the internal control systems with a view to discovering loopholes and immediately rectify them.