Big Data in Risk Management in Banking Big data is changing risk management from backward looking function into real-time. By using big data multiple transactions are monitored, and fraud detection is reduced to 50%. Although risks remained but the benefits are valuable such as faster detection and greater predictive accuracy

Abstract

Big data is a control function in banks and identify risks and mitigate risks. Big data enables real time monitoring of large datasets in milliseconds. processing of data has been increased from months to milliseconds and frauds are detected ultimately. But this advantage is not without challenges. data silos, privacy regulations and a persistent talent gap between risk officers and data scientists pose significant challenges.