The study examines insurance as a suitable risk transfer mechanism for managing risks associated with the Nigerian banking industry. It explores risk and insurance; examines risks and features of insurable risks; outlines banking risks; highlights benefits of insurance to banks; and identifies banking risks and types of insurance banks purchase in Nigeria. The study adopts quantitative approach using the literature, and survey of 20 commercial banks in Nigeria selected through random probability sampling. Structured questionnaires were administered to 200 participants, 10 each from the 20 banks, selected through purposive sampling. The study concludes that banks purchase insurance to manage risks in the Nigerian banking industry; insurance is beneficial to banks and the economy; and insurance enhances banks' operations in the Nigerian banking industry. Implications for practice suggest that: insurance, if adequately arranged, serves as security and stimulus to banks; insurance facilitates spread of risk and stimulates banks' operations; and insurance reduces loss through risk prevention and reduction education. Thus, the study highlights the suitability of insurance for managing risks associated with banks' operations in Nigeria.

Despite the institutionalization of operational risk management in banks and the strict supervision of bank regulators, operational risk events are still on the increase. It is becoming evident to banks that there is a need to identify the drivers of this risk and nib it at the root to reduce the probability of recurrence. Hence, this study examined the drivers of operational risks in Nigerian commercial banks and the extent to which each driver contributes to operational risk. To achieve the study’s objectives, primary data were collected from the Operational Risk Management Desks of six (6) sampled commercial banks and analyzed using SPSS and Microsoft Excel. The result showed that Internal processes, IT systems and Quality of Risk Officers are determinants of operational losses in banks. The internal process was however indicated as having the most impact. The study concluded that Internal Process is the major driver of operational risk in Nigerian Commercial banks. The researcher, therefore, recommends that bank management must have defined procedures for core activities and prioritize regular review of their critical processes to reduce operational risk events and the associated costs.

Insurance plays an essential role in stimulating economic growth. Insurance is an intangible product, and prompt claim settlement proves that insurers fulfill their promises to the insureds. This paper analyses the impacts of insurance claims settlement on economic growth. It examines the effect of insurance claims' settlements on a nation's economic growth, using Nigeria as a case study. The research utilised an ex-post facto design, using 28-year time series data (1992 – 2019). Gross Domestic Product (GDP) and Nigeria's insurance companies' claims settlement are the dependent and independent variables used for the study, respectively. The Long-run co-integration result revealed that INCLM (Insurance claims) has an insignificant negative effect on GDP. The coefficient shows that a percentage increment in INCLM (Insurance claims) would result in a 1.22 decrease in GDP. The results indicate that insurance claims settlement has an insignificant negative effect on economic growth. This implies a negative relationship between insurance claims settled by insurance companies and economic growth in Nigeria. The finding is surprising as one expects that settlement of claims by insurers should positively impact economic growth. The implication is that the relationship between insurance claims settlement and economic growth varies depending on several factors, including country-specific factors and the performance of the country's insurance industry.

Globalisation necessitates drastic changes in the banking sector across countries. The regulation of banking in the developed industrial countries has increasingly focused on attaining financial stability. The Basel Committee on Banking Supervision provides a platform for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. Basel I focus more on credit risks, not on operational risks, by establishing a direct link between capital of a bank and its credit risk. The risk identified by Basel I does not express the multiple risks banks can be faced. Basel II addresses the gap by establishing rigorous risk and capital management requirements designed to ensure that a bank maintains capital reserves appropriate to its risk exposures. The Nigerian financial sector has performed well in Basel I implementation. Nigeria is set to implement the Basel II to ensure that better risk management is adopted in the nation's banking system. The study examines Basel II Accord implementation in Nigeria, explores its implications for the Nigeria banking system and issues with the Accord, and highlights recommendations for implementation of the Accord in Nigeria.

Despite the institutionalization of operational risk management in banks and the strict supervision of bank regulators, operational risk events are still on the increase. It is becoming evident to banks that there is a need to identify the drivers of this risk and nib it at the root to reduce the probability of recurrence. Hence, this study examined the drivers of operational risks in Nigerian commercial banks and the extent to which each driver contributes to operational risk. To achieve the study’s objectives, primary data were collected from the Operational Risk Management Desks of six (6) sampled commercial banks and analyzed using SPSS and Microsoft Excel. The result showed that Internal processes, IT systems and Quality of Risk Officers are determinants of operational losses in banks. The internal process was however indicated as having the most impact. The study concluded that the Internal Process is the major driver of operational risk in Nigerian Commercial banks. The researcher, therefore, recommends that bank management must have defined procedures for core activities and prioritize regular review of their critical processes to reduce operational risk events and the associated costs.