RISK COMMITTEE AND CORPORATE PERFORMANCE OF QUOTED INSURANCE FIRMS IN NIGERIA

Abstract

the risk management

committee are required to have the necessary knowledge, experience,

and

skills to effectively oversee firm-wide risks. A risk committee will also encourage procedures

like

as risk identification, risk reporting, and risk monitoring, as well as give a push to enhance

risk

management's overall quality. The study investigated risk committee and corporate performance

of quoted insurance firms in Nigeria. The study espoused the ex-post facto design. The data

were obtained from the financial report of quoted insurance firms in Nigeria. The study

population encompasses twenty two (22) insurance firms quoted on the Nigerian Stock Market

which spans across (2011-2020). The study used the purposive random sampling to select

fifteen (15) insurance firms for the study. Therefore, the study adopted descriptive statistics to

measure the means and standard deviation and the ordinary least square was utilize for the

econometrics analysis. The study found that risk committee a characteristic (RCI and RCS) has

positive and statistically significant on return on asset;

RCM has a negative and non-statistically

significant with return on asset. The study concludes

that a risk committee characteristic has

significant impact on financial performance. Hence,

the study recommended that the risk

committee size of the insurance firms should not be

too large in other to enhance effective

communication and oversight function.