Ugandan business leaders have been urged to make a strategic shift towards proactive risk management. Key speakers called for a change in strategey, at a recent breakfast forum co-hosted by Marsh, a global leader in insurance broking and risk management, and the American Chamber of Commerce (AmCham) Uganda.
The forum titled “Business Resilience: Navigating Future Risk” highlighted the growing imperative for Ugandan enterprises to adopt robust risk mitigation strategies in an increasingly volatile global environment.
Traditionally, many Ugandan businesses adopted a reactive approach to risk management, focusing on addressing issues only after they arose. However, the forum highlighted a growing recognition that proactive risk management is no longer a peripheral concern, but a central pillar for business continuity and long-term success.
Alexander Mukasa, CEO of Marsh Uganda, emphasized the importance of resilience in today’s volatile business environment.
” In today’s rapidly evolving global landscape, fostering business resilience is no longer a competitive advantage, it is a fundamental imperative. By proactively identifying and mitigating risks, embracing continuous learning and innovation, Ugandan businesses can position themselves to not only weather unforeseen challenges but also capitalize on emerging opportunities,” Mukasa remarked.
Flavia Anyiko, the head of risk management at Uganda Electricity Generation Company Limited (UGECL) underscored the need for businesses to anticipate and prepare for potential threats.
“Identifying vulnerabilities and implementing robust risk mitigation measures is essential for long-term sustainability,” Anyiko stated.
The meeting focused on building business continuity plans, providing attendees with a roadmap to ensure minimal disruption in the face of unforeseen events.
Mumba Kalifungwa, the managing director of Absa Bank said that it is vital to acknowledge risk and assess the internal and external risks that we could be exposed to.
“We are living in the 4th Industrial Revolution so we need to embrace technology with responsibility. Cyber-security is a major concern as we continue to go digital,”
In the same manner Xenia Waitherero the Country Manager, of Brighter Monday Uganda emphasized the growing importance of digital resilience.
“Many business leaders see AI as a long-term risk to jobs, not an immediate one. However, the focus should be on preparing our existing workforce to work alongside AI, not replacing them,”
“This means upskilling and reskilling employees to leverage AI’s capabilities, ultimately leading to increased efficiency and effectiveness. The key to success lies in integrating human and AI interaction, not in replacing humans entirely,”
Kalifungwa added that all this can be done through Collaboration and collective efforts making the work of identifying and mitigating risks much easier when perspectives are shared.