Utilization of Big Data Analytics For Risk Management

Abstract

Big data (BD) is a form of data, which contains a huge variety and grows exponentially with time. Additionally, risk management also becomes an important part of an organisation so that they can identify their future potential risks and develop new strategies for maximising organisational success. This paper has aimed to analyse different ways of using BD analytics regarding risk management of organisations. In order to achieve research aim, the paper has conducted literature review, where it has discussed different forms of big data and different organisations that use big data regarding risk management. It has only used topic-related existing resources to get a clear insight into this topic. Additionally, it has considered a secondary research method, where it has collected secondary data from currently available journals and articles so that it could understand perspectives of other authors on this topic. Based on collected information, it has conducted a thematic analysis. Findings of this research paper indicated that utilisation of big data could help businesses to identify fraud, financial risk and potential risk factors regarding their business operations. Moreover, several large organisations are significantly utilising BD for their business works and they are using different big data technologies including, AI, and R-programming. Hence, it has been concluded that in this digital era, when there are increased issues of fraud and cyber-threats, Big data helps in identifying risks and opportunities and making fact-based decisions. Additionally, all these technologies are offering extensive positive results to companies in terms of risk management. © 2022 IEEE.