The Role of human resource factors in the implementation of enterprise risk management: a case study of Rwandan insurance industry

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dc.contributor.authorNibishaka, A.
dc.date.accessioned2023-07-25T11:03:18Z
dc.date.available2023-07-25T11:03:18Z
dc.date.issued2023
dc.descriptionFull- text thesis
dc.description.abstractThe Financial sector is motivated by the need to meet various regulatory requirements for risk assessment, measurement, mitigation, and capital. This has led to the increasing tendency toward a holistic view and management of risks through the enterprise risk management (ERM) strategy. Implementing ERM is an organization process that is typically carried out over a number of years and is subject to many organizational factors to succeed. Specifically, human resource factors such as teamwork, reward and recognition, and training programs play a key role in the implementation of ERM. The purpose of this study therefore was to establish the role of these HR factors in implementation of ERM in the Rwandan insurance industry. The objectives of the study were: To assess the effect of teamwork on the implementation of enterprise risk management in Rwandan insurance industry; To evaluate the effect of employee reward and recognition on the implementation of enterprise risk management in Rwandan insurance industry; and to explore the effect of employee training programs on the implementation of ERM in Rwandan insurance industry. In order to fulfil these objectives, contingency theory was selected as most appropriate theoretical models to anchor the study. The study applied the positivism philosophy to derive objective viewpoints from the respondents. The correlational research design and a cross-sectional survey approach was used to enable the researcher to obtain data about practices, situations, or views at one point in time through questionnaires. The population and sample consisted of a census of the 14 insurance companies in Rwanda and included four senior managers from each insurance company that were directly involved in the organizations risk management process. Quantitative analytical techniques were used to draw inferences from this data regarding existing relationships through descriptive and inferential statistics to test the relationship and determine the effect of HR factors on the implementation of ERM. The findings indicated that there was a strong association (r=0.844, p value = 0.001; r=0.553, p value = 0.003; and r=0.663, p value = 0.002) between teamwork, reward and recognition and training respectively, and implementation of ERM. The findings also revealed that the Rwandan insurance industry as a whole only had a fairly effective level of ERM implementation. The study recommends the management of the Rwandan insurance companies to seriously consider improving their human resources practices through increased teamwork, staff reward and recognition programs as well as employee trainings that will allow them to improve on their risk management efforts and boost organizational performance.
dc.identifier.citationNibishaka, A. (2023). The Role of human resource factors in the implementation of enterprise risk management: A case study of Rwandan insurance industry [Strathmore University]. http://hdl.handle.net/11071/13380
dc.identifier.urihttp://hdl.handle.net/11071/13380
dc.language.isoen
dc.publisherStrathmore University
dc.titleThe Role of human resource factors in the implementation of enterprise risk management: a case study of Rwandan insurance industry
dc.typeThesis
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