Integration of Data Science into the process of business risk management: modern methods and approaches

Abstract

The article presents a systematic analysis of the properties, trends and patterns of the use of Data Science tools for business risk management.

The purpose of-study is presented as an analysis of a modern business risk management system based on the implementation of Data Science, which ensures the efficiency of work and ensures the adoption of management decisions. Particular attention is paid to the structural and cyclical dynamics of the formation of a risk management system based on machine learning algorithms and big data analysis. Methodological approaches to the integration of Data Science tools into corporate management for optimizing the purpose by making management decisions are determined.

The study used analysis methods, in particular, system, factor and statistical. Examples of the successful application of Data Science for risk modeling are given. It is proven that an integrated system of measures and mechanisms for business risk management can be developed as a key element in ensuring the economic sustainability of enterprises. The result of the study is the evolution of the risk management paradigm in the management systems of enterprises, taking into account the integration of Data Science into management processes. The institutional structures of risk management in the context of digitalization are characterized and the key risks arising as a result of this transformation are identified. The conclusions confirm that the multilevel and multifaceted nature of risks require a comprehensive analysis of their structure and mechanisms of influence on the activities of the enterprise, which must be studied through the prism of the institutional environment, what are the features and specifics of the transformation of factors into sources of risk in specific time periods and in separate territories. The integration of Data Science in business risk management involves the transformation of technologies, information flows and conditions of the production and market economy. In a certain context, technological and functional connections are provided that must be included in the risk management process, after their interaction to achieve the effectiveness of management strategies. The implementation of the proposed mechanisms will contribute to increasing the efficiency of corporate governance and will allow for the identification and elimination of risks that negatively affect the stability of the enterprise.