Saccos challenged to work on risk management to safeguard wealth

Wycliffe Oparanya, Cabinet Secretary for Ministry of Cooperatives and MSMES, Macloud Malonza, Chairman Cooperative Alliance of Kenya (CAK) and Daniel Marube, Chief Executive Officer CAK at the 3rd annual Cooperative Movement Stakeholders' forum, held in Naivasha. [Nanjinia Wamuswa, Standard]

More than 90 per cent of cooperative societies in the country lack effective risk identification and mitigation strategies, a situation that stakeholders fear could lead to increased losses of members' funds if not addressed.

At the 3rd annual Cooperative Movement Stakeholders' forum held in Naivasha, cooperative players attributed the growing lack of strategies to the insufficient capacity of the board of directors and top management to handle existing risks, as well as their inability to identify emerging risks.