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"Because of big data, managers can measure, and hence know, radically more about their businesses, and directly translate that knowledge into improved decision making and performance", Big Data: The Management Revolution, Harvard Business Review, October 2012
Big Data, the buzzword for large and complex data sets, is transforming the financial services industry, including Risk Management. Big Data offers a new technology for gathering, managing and processing large quantities of data in different formats. Its various innovative features set it apart from traditional technologies, marking a major break with the past.
In the aftermath of the financial crisis, Big Data provide an opportunity to enhance the identification, measurement, and management of risk exposures across asset classes, lines of business, and legal entities within a financial institution.
Embracing Big Data has become an essential aspect in the accurate assessment of Risk and has now become a C-level priority. While financial institutions are recognising this strategic shift, many are left wondering how to leverage the value of growing amounts of data. At
Reply we are seeing new examples in the
Insurance industry, in Banking, ….
Download the white paper on "Applying Big Data to Risk Management: Transforming Risk Management Practices within the Financial Services Industry" Avantage Reply presented at the 21st Annual
RiskMinds Risk Management Conference, on 10th December 2014 in Amsterdam.