ABSTRACT
The textile industry in Ghana has been in decline. Local companies have shut down operations due to varying factors. The number of companies has dropped from forty in the 80´s to four as of the time of this research, which was conducted at Printex Ghana Limited and Akosombo Textile Limited. The purpose of the research is to identify various risks affecting the case companies and to try to understand the role risk management plays in solving those identified risks. It will determine whether the companies under consideration have a risk management department and if possible how much budget is allocated to the department. The medium for risk communication will also be determined. How risk management has changed over the past years will also be vital in making fur-ther recommendations to management.
A combination of quantitative and qualitative research methods was used. Questionnaires on risk management were distributed to both management and employees. It was found out that the companies conduct a form of risk management but in an unstructured manner. A separate risk management department does not exist in either company. A budget is either not available or too low for a comprehensive risk management to be established or effective. The respondents´ knowledge of risk management was also low. Qualified risk personnel were not employed. The attitude and mode of identifying risks has not changed much over the past years. Risk management has not played any major role in the companies.
The introduction provides a general overview of the research. Here the main aim of the research and the preliminary findings of the study are presented.
1.1 Background
Risk management has played a vital role in the administration and management of a firm’s product and line of business over decades. Many unforeseen occurrences occur in the daily running of a business both internally and externally. Globalization and the evolution of technology have contributed to competition in every business environment.
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