Big Data-Enhanced Risk Management

Today’s global and complex supply networks are susceptible to a broad variety of internal and external risks. Thus, comprehensive and innovative approaches to risk management are required. This paper addresses the question of how Big Data can be used for the implementation of an advanced risk management system. A conceptual framework covering three major dimensions of Big Data-driven risk management, i.e. type of risk, risk management phases and available technology, is introduced. Additionally, selected application examples for early detection, assessment, mitigation and prevention of risks in supply networks are provided