THE ROLE OF BUSINESS ANALYTICS IN RISK MANAGEMENT
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- NGN 3000
Abstract: THE ROLE OF BUSINESS ANALYTICS IN RISK MANAGEMENT
This study investigates the role of business analytics in enhancing risk management practices and minimizing operational uncertainties within organizations. The objectives include assessing how analytics tools and techniques contribute to identifying, assessing, and mitigating risks across various business functions. A survey research design is adopted to collect quantitative data from 200 participants using the Taro Yamane formula to ensure a representative sample. The case study focuses on an insurance company in Enugu, Nigeria, known for its proactive risk management strategies supported by advanced analytics capabilities. The reliability coefficient score, assessed through internal consistency measures, is 0.90, indicating strong reliability of the research findings. Findings suggest that business analytics enable organizations to predict emerging risks, optimize risk assessment processes, and enhance decision-making in risk mitigation strategies. The study recommends that organizations integrate analytics into risk management frameworks, leverage predictive analytics for early risk detection, and invest in training employees on data-driven risk assessment techniques to strengthen resilience and safeguard business continuity in a volatile market environment.
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