Saxon AI

  Remember the 2008 recession? When the   housing bubble burst , it shook the American economy, and the shock waves reverberated in every other economy in the world. 8.7 million Americans lost their jobs, and $19 trillion wealth of U.S. households vaporized. The reasons – financial firms took high risk by mortgaging to people who were a bad credit risk. The consequences of this poor risk assessment were catastrophic. The Great Recession couldn’t emphasize more the importance of risk management and fraud detection in the finance sector. In modern times, the finance sector witnesses new risks and fraud methods. In this blog, let us explore how one can use data analytics in finance. Risk management with data analytics in Finance Incorporating data analytics at each phase of risk management can enhance the processes and mitigate risks. Typically, risk management involves five stages, including risk identification, assessment and prioritization, response and mitigation, monitoring,...