For the Board to be effective, it needs to be independent from undue influence from many interested parties. These might be the staff, owners or even the shareholders. Before the Board is independent, it has to be independently appointed. We have had a challenge where the person who appoints the Board influences it in that he wants decisions to be taken in his favor. Things he does not want should be untaken by the company. We have seen influence peddling in government institutions. For example, if you look at National Social Security Fund (NSSF), the NSSF Act Cap 222 Laws…

A risk is uncertain event that has potential to cause harm or being an opportunity to the business.  Management means to plan, control and make decisions. Why risk management? Risk management is to ensure that you anticipate potential events that could cause profits or a loss to the business, and to prevent unexpected bad events that could threaten success. The whole objective is to ensure that the business is a going concern. You don’t want to come to work and find the company has been closed because it has a lot of accumulated debts. It has not been paying staff…