Risk Management for Big Data

  • Alavi, Hijab, (Primary Chief Investigator)

Project: Research

Project Details

Description

Today, organisations maintain a competitive advantage by collecting, identifying, analysing and evaluating Big Data that have been stored in their Enterprise Systems. Big Data, from the Enterprise Systems, provides organisations with better insights and understandings about their organisation, suppliers and customer, which, in turn, provides a competitive advantage. However, with these advantages, there are also challenges involved, namely risks, associated with volume, variety, velocity, veracity and value (5V’s) of data. In this project, we propose the creation of a risk management plan (RMP) to address the impact of the risks associated with the challenges of Big Data. The combination of Big Data and RMP creates a next level of understanding to organisations including a better prediction of trends, and allows better effective treatment of the risks as managers are more aware of what the organisation might face. Current academic literature on RMPs for Big Data is limited, thus this research attempts to fill the gap by identifying the challenges and developing a RMP for Big Data framework to assist organisations to reduce or mitigate the risks of Big Data. The RMP framework will be translated and developed into a system, which will provide organisations with a numerical representation, to emphasize the importance of specific risks to be treated. This will give a whole new level of understanding to organisations in managing risks associated with Big Data.
StatusNot started