• Sahana S Khamitkar
• Mohammed Rafi

Big data is a buzzword that indicates data that do not fit traditional database structure. Their potential is enormous for many fields, and risk management is within the ones that could benefit the most from new sources of unstructured data. This paper introduces the big data framework, terminology, and technology, in order to understand the upsides and challenges that they pose to financial markets. A review of standard methods and tools in risk management is then provided, in order to be able to understand the revolution brought into the environment by big data. Simulation and forecasting are the two areas that are affected the most, and therefore the ones of interest for this study. Nowadays banks operate in changing environment influenced by regulatory requirements, emerging risk types and competition on the market. At the same time banks have available large datasets arising from internal and external sources. The potential for this data usage in risk management has only recently been discovered and has not been the subject of extensive scientific research. There are two goals of this paper. Firstly, authors give an overview of available scientific literature and practical research related to big data usage in risk management in banks. Secondly, based on the literature review authors are presenting framework with specified detailed use of big data in specific risk management.

Keywords: Big data, Banks, Risk management

"BIG DATA: A survey paper on credit risk management", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.7, Issue 7, page no.1181-1189, July 2020, Available :http://www.jetir.org/papers/JETIR2007452.pdf

"BIG DATA: A survey paper on credit risk management", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.7, Issue 7, page no. pp1181-1189, July 2020, Available at : http://www.jetir.org/papers/JETIR2007452.pdf