ROLE OF FINANCIAL ANALYSIS IN MANAGEMENT CONTROL SYSTEM
Abstract
This study investigates the role of financial analysis in the management control system of Wema Bank Plc, Ilorin, Kwara State. The research aims to determine how financial analysis enhances decision-making, performance monitoring, budgeting, resource allocation, and the attainment of strategic objectives within the bank. A survey research design was adopted, and data were collected from 32 staff members through structured questionnaires. The data were analyzed using descriptive statistics such as frequency counts and percentages. Findings revealed that financial analysis serves as a vital tool for effective decision-making, promotes efficient performance monitoring, ensures realistic budgeting, and strengthens cost control and resource allocation processes. The study also discovered that while financial analysis is integrated into the bank’s management control system, challenges such as partial adoption, limited training, and inadequate technological support still exist. It concludes that effective application of financial analysis enhances operational efficiency, accountability, and strategic performance. The study recommends that Wema Bank should strengthen staff capacity, adopt advanced analytical tools, and ensure full integration of financial analysis into all aspects of its management control system for improved performance and sustainability.
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