Enterprise Risk Management.docx - Running head ENTERPRISE RISK MANAGEMENT Enterprise Risk Management Student’s Name Institutional Affiliation 1

Enterprise Risk Management.docx - Running head ENTERPRISE...

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Running head: ENTERPRISE RISK MANAGEMENT 1 Enterprise Risk Management Student’s Name Institutional Affiliation
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ENTERPRISE RISK MANAGEMENT 2 As I watched the videos, my main concern was on how efficiency improvement of risk management with the use of big data. Therefore, the question I seek to answer is, how can big data be used in the risk management functions to minimize risks? To answer this question, I will first explain the risk management concept and also identify why there is a continued increase in the use of big data in risk management. Any process risk must be subjected to a permanent control measure. The essence of risk is the occurrence of potential possibilities of unexpected events. Risk management involves various stages, including risk identification, assessment, control, financing, and taking actions. The primary goal of big data and data analytics is their potential to provide questions and answers about business. Big data has the potential to illuminate trends and patterns that would be invisible. They can help raise questions and answers on how a business operates. The ultimate outcome of identifying such patterns is to predict contextual events that will occur in the future and institute appropriate measures that help solve the problems attributed to the events. Additionally, another output is to be able to optimize business functions that never existed before.
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