Financial Risk Management in Zimbabwe
Noel Marimira *
LIGS University, USA and Office No. 126, Longchen Plaza, Belvedere, Harare, Zimbabwe.
Babandi Ibrahim Gumel
LIGS University, USA and Plot 48 Governor Muazu B.Aliyu Street ,Area 7 ,Takur GRA, Dutse, Jigawa State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
Aims: The study aimed to develop a comprehensive framework tailored to the specific challenges faced by businesses
Study Design: Qualitative research design.
Place of Study: Financial stakeholders in Zimbabwe
Methodology: The researcher chose 15 important players in Zimbabwe's financial industry in order to conduct interviews and collect primary data. This includes academics with expertise in finance as well as professionals employed by banks, regulatory agencies and investment businesses.
Results: Key challenges Zimbabwean businesses face include economic instability, political uncertainty, lack of access to finance, foreign exchange risks and regulatory challenges. Economic instability, political instability, policy changes, limited access to financing options, capital constraints and complex regulatory requirements add to the challenges. The study proposed a comprehensive risk management framework for Zimbabwean businesses, including risk assessment tools, mitigation strategies, and monitoring mechanisms.
Conclusion: It can be alluded that incorporating the components proposed in the framework into risk management procedures can help companies better recognize, evaluate, reduce and track financial risks in the nation's distinct economic landscape. Further research can however be required on a larger scale and incorporating other research methods.
Keywords: Business challenges, finance management experts, financial risk management, framework development, mitigation strategies, monitoring mechanisms, risk assessment tools