TITLE:
How Big Data and Big Data Analytics Mediate Organizational Risk Management
AUTHORS:
Mounir El Khatib, Humaid Al Shehhi, Mohammed Al Nuaimi
KEYWORDS:
Big Data, Project Management, Risk Management, Big Data Analytics
JOURNAL NAME:
Journal of Financial Risk Management,
Vol.12 No.1,
January
31,
2023
ABSTRACT: Technological advancement has exposed companies to
various risks. With the adoption of
technological infrastructures in many companies, various processes have
been rendered vulnerable to different forms of threats. Evidence from the
current empirical studies on organizational management indicates effective risk
assessment is a crucial aspect in any organization. Global technological advancement has equally redefined risk
assessment and management strategies. Global leading technology
companies such as Apple Inc., Amazon Inc., and Google are leveraging modern
technology to unlock hidden data to aid in risk assessment and management. As
evidenced in this research report, the use of big data has revolutionized risk
assessment in many companies across the world. Big data technology has enabled
organizations to collect, store, and assess huge information to aid in risk
assessment and management. The pro-cesses of risk identification, assessment,
mitigation, monitoring, and reporting have
been redefined due to the adoption of big data analytical technology. As a result, this research
reviews the specific roles played by big data in organizational risks management.
The research carries out a comparative case
study analysis among three companies that utilize big data in risk management. Specifically, the roles of big data technology in risk management
at Apple Inc., Amazon Inc., and at Google
are identified. Results from this comparative analysis are used in
formulating recommendations for various organizations that desire to adopt big
data analytical technology in risk management.