How big data can bolster your company’s risk management

In today’s world, data is collected at mind-boggling rates. People of all ages and backgrounds are almost constantly interacting with technology, allowing access to their names, ages, locations, content preferences and more.

Using this “big data” effectively should be a key part of a company’s risk management strategy, said Mark Beasley, accounting professor at North Carolina State University’s Poole College of Management and director of the school’s Enterprise Risk Management Initiative.

“When you think about managing a business from a risk perspective, you want a weather map to see what could be coming at it in the future. Managers are wishing they had better data to help them, but there could be a real opportunity to take advantage of analyzing all the data that companies have to do so,” said Beasley. “They have consumer data, economic data, employee data, all kinds of data. We see it as a huge opportunity to leverage that data to create a sort of dashboard of risk metrics, to give you a bit of a heads-up, like a weather map.”

To help meet the needs of the business world and make it easier for professionals to use data in this way, the Poole College of Management has created a master’s of management program with a risk and analytics concentration. The graduate program is offered asynchronously online on a part-time basis, so students can participate from anywhere in the world.

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