Author:Ejuma Martha Adaga, Zainab Efe Egieya, Sarah Kuzankah Ewuga, Adekunle Abiola Abdul, Temitayo Oluwaseun Abrahams

Doi: 10.26480/mjhrm.02.2024.122.130

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

The realm of risk management in banking is inherently complex, encompassing a myriad of uncertainties and dynamic variables. As financial institutions grapple with an evolving landscape of challenges, this philosophical examination aims to contribute a nuanced understanding that transcends traditional models, fostering a holistic and reflective approach to risk management in the banking sector. This paper delves into the intricate realm of risk management within the context of the banking industry, adopting a unique philosophical lens to explore the multifaceted dimensions of risk. Drawing inspiration from diverse philosophical frameworks, including existentialism, pragmatism, and ethical theories, the study seeks to illuminate the fundamental nature of risk in banking operations. By transcending traditional quantitative methodologies, this philosophical perspective aims to enrich our understanding of risk as an inherent and dynamic element shaping the banking landscape. The paper scrutinizes the evolving role of risk management in mitigating uncertainties and enhancing financial stability. It contends that risk, far from being an abstract quantitative concept, possesses a profound ontological significance, influencing decision-making, organizational culture, and societal impact. Through an exploration of philosophical concepts such as responsibility, accountability, and moral hazard, the study establishes a framework for cultivating a robust risk management ethos in banking institutions. Furthermore, the paper scrutinizes the interplay between risk and innovation, acknowledging that the pursuit of progress necessitates a delicate balance between risk-taking and prudence. It proposes a synthesis of philosophical wisdom and contemporary risk management practices, advocating for a holistic approach that harmonizes the quantitative and qualitative aspects of risk assessment. This philosophical examination of risk management in banking offers a fresh perspective that transcends the conventional boundaries of the discipline. By integrating philosophical insights, the paper not only contributes to the theoretical foundations of risk management but also provides a nuanced understanding of how philosophical considerations can inform and refine the practices and strategies employed by banking institutions in navigating the complex landscape of risk