APPLICATION OF CORPORATE GOVERNANCE AND RISK MANAGEMENT CHALLENGES IN THE PUBLIC SYSTEM IN NIGERIA

The focus of this research is on the challenges of corporate governance and risk management in the performance and management of public organisations. The major objective of this study is to understand the relationship between risk exposure, risk management, corporate governance and operational efficiency and challenges of public organisation. There are basically five objectives of this study, first to ascertain how veritable corporate governance and risk management strategies are implemented in a public system in Nigeria, secondly to examine the role of regulatory agencies in the effective implementation of corporate governance and risk management culture in Nigeria, thirdly to examine the relationship between corporate governance and risk management in public entities in Nigeria, and lastly to evaluate the role of corporate governance and risk management in the failures of public entities in Nigeria. The research is academic and tasking. This research work shows that there is a strong relationship between risk management, corporate governance and the health and efficiency of any public organisation* It also indicates that the public system that instituted good corporate governance mechanisms performed better than those without such mechanisms in place. The study shows that organisation that scored low in risk management and corporate governance is more exposed to risk challenges which leads to their collapse. The study concludes that risk management and good corporate governance, are good for operational efficiency of Nigeria public organisations. It is recommended that observance of good corporate governance by public organisation will make them efficient, effective, responsive and accountable corporations that contribute to the welfare of society through their complementary roles in creating sustainable wealth, employment opportunity for our teeming population with integrity, probity and transparency as driving force.