Risk Management Committee Attributes and Financial Performance of Listed Financial Service Firms in Nigeria


  • Haruna Muhammed Musa
  • Muhammed Dahiru Tahir


Risk management, Risk committee, Financial performance, Listed financial service firms


The risk among listed companies in Nigeria were becoming worrisome and the failure of the
audit committees to effectively address the issues of financial risks led to the formation of
independent risk management committees in Nigeria’s listed companies. This study therefore
evaluates the impact of the risk management committee on the performance of listed financial
services firms in Nigeria between 2009 to 2022. This study examined the influence of risk
management committee attributes on financial performance among listed financial service firms
in Nigeria for the period 2009 to 2022 using ex-post facto research design. The results deducted
from the analysis indicate that risk management committee size and risk management committee
financial expertize have negative and significant effect on financial performance among listed
financial service firms in Nigeria, while risk committee independence has significant positive
effect. On the other hand, risk committee gender diversity has positive but insignificant effect.
The study recommends amongst others that the size of risk management committee of listed
financial service firms should be constituted in conformity with the nature and peculiarities of
individual company and firms should ensure that experts’ non-executive directors are included
in the risk management committee in order to have a superior financial performance.