Accra: Dr Adu Anane Antwi, the Board Chair of Securities and Exchange Commission (SEC), has urged businesses to embed enterprise risk management into their operations to navigate challenges and unlock future opportunities. Adopting the practice would serve as a ‘game changer’ to improve service delivery and ensure stronger regulatory compliance as Ghana resets its business environment, he said.
According to Ghana News Agency, Dr Antwi made the call at a stakeholder symposium in Accra, organised by the Office of the Registrar of Companies (ORC), on the theme: ‘Resetting the Business Environment: The Role of Enterprise Risk Management.’ He highlighted the persistent issues of weak governance structures and sustainability challenges within Ghana’s business environment, which have resulted in substandard service delivery, limited accountability, inadequate transparency, and ineffective oversight.
Dr Antwi warned that if left unaddressed, these challenges could lead to financial mismanagement, loss of investor trust, and reputational damage. Citing the Allianz Risk Barometer 2025 survey, he pointed out that cyber incidents and business interruptions remain among the top global risks confronting organisations. Therefore, he emphasized the need for Ghanaian businesses to embrace Enterprise Risk Management (ERM) as a strategic tool to identify, assess, and mitigate risks.
Dr Antwi explained that unlike traditional siloed risk management, enterprise risk management offers a comprehensive framework for achieving business sustainability by holistically identifying, assessing, and managing risks and opportunities. Integrating ERM into business strategies would enable better responses to economic downturns, natural disasters, and global competition, while aligning risk appetite with strategic objectives, optimizing resource allocation, and strengthening business continuity.
He further noted that ERM is not solely about avoiding failure but also about building resilient, adaptable, and forward-thinking organisations. He urged businesses to enhance their ERM frameworks by cultivating a risk-aware culture, advancing up the risk maturity ladder, and leveraging technology such as artificial intelligence. He emphasized the importance of embedding risk management into strategic decision-making rather than treating it as a ‘box-ticking exercise.’
Mr David Kudoadzi, Lawyer and Chair of the ORC Governing Board, echoed the need for businesses to build systems capable of withstanding uncertainty while creating confidence for investors and entrepreneurs. He acknowledged Ghana’s progress in registration reforms, corporate governance, and insolvency laws, but noted that these gains are continually tested by global economic shocks, technological disruptions, pandemics, climate-related risks, and governance challenges.
Mr Kudoadzi stressed that the focus should shift from whether risks will arise to how prepared organisations are to manage them when they do. He advocated for viewing ERM as a shared responsibility across businesses, regulators, and society, rather than a domain exclusive to compliance departments. He emphasized that ERM is about more than minimizing losses; it is about building resilience, trust, and confidence in Ghana’s economy.
Touching on the ORC’s role, Mr Kudoadzi stated that it extends beyond enforcement to guiding businesses toward stronger foundations, highlighting that effective risk management is key to economic transformation. The symposium gathered regulators, private sector leaders, professional associations, and civil society actors to discuss practical strategies for embedding risk management in Ghana’s business environment.