Large-scale data-driven financial risk management &amp; analysis using machine learning strategies

Murugan, M. Senthil; T, Sree Kala; Marappan, Raja

doi:10.1016/j.measen.2023.100756

Cited by 14 publications

(3 citation statements)

References 22 publications

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“…In the context of financial control, reliable data backup and recovery systems should be considered. Financial data are the basis of strategic planning and decision-making in any company (Murugan and T 2023). They require a strategic approach that includes regularly backing up important data and storing it in safe locations, both locally and in the cloud.…”

Section: Information Management Methodsmentioning

confidence: 99%

Investigating the Application of Digital Tools for Information Management in Financial Control: Evidence from Bulgaria

Zhelev,

Kostova

2024

JRFM

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This paper discusses the application of digital information management tools in the context of financial control. In Bulgaria, such research is innovative as it is the first time that digital transformation in crucial financial control institutions, which influence the formation of the revenue part of the state budget and the spending of public funds, has been studied. The study aims to answer the research question of to what extent the application of digital tools in financial control improves its effectiveness. It analyses how modern technologies improve the efficiency and accuracy of information used in financial control institutions. The authors examine the impact of digital tools, such as database management systems, business analytics platforms, and electronic document management tools, on collecting, analyzing, and managing financial and non-financial information. The study uses descriptive statistics and a correlation analysis, which significantly contributes to establishing the relationship between implemented digital tools and improvements in financial control procedures. The results show that despite the conditions created for digitalization in financial control institutions, digital tools are used to a limited extent in the information management process. The study emphasizes the need for continuous investment in digital technologies and training to maximize the benefits of their application in financial control.

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Section: Information Management Methodsmentioning

confidence: 99%

Investigating the Application of Digital Tools for Information Management in Financial Control: Evidence from Bulgaria

Zhelev,

Kostova

2024

JRFM

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“…The failure to manage these risks effectively can have far-reaching consequences, impacting not only the institutions themselves but also the broader economy. Therefore, understanding the significance of financial risk management is paramount in maintaining the resilience of the financial sector and safeguarding the interests of stakeholders [1].…”

Section: Introductionmentioning

confidence: 99%

The Current State and Challenges of Financial Risk Management

Zhou

2023

HBEM

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Financial risk management is a critical discipline in today's dynamic and interconnected financial landscape. This article explores various facets of financial risk management, including the challenges posed by rapid technological advancements, globalization, cybersecurity threats, regulatory changes, and economic uncertainty. It also discusses strategies for effective risk management, such as integrated risk management approaches, advanced analytics, stress testing, risk culture, and communication. Additionally, the article highlights the importance of continuous research and innovation in risk management and offers insights into future trends, including emerging technologies, regulatory reforms, and adaptation to economic and market changes. The conclusion emphasizes the need for proactive, adaptive risk management practices to navigate the complexities of the financial risk landscape successfully.

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“…Within this context, the present exposition situates itself within the hospital ecosystem, with a particular focus on harnessing the transformative potential of Internet technology [11][12][13]. Its overarching ambition is to meticulously scrutinize and evaluate the underlying risks permeating the hospital's financial management system.…”

Section: Introductionmentioning

confidence: 99%

Exploration of an "Internet+" Grounded Approach for Establishing a Model for Evaluating Financial Management Risks in Enterprises

Wang

2023

Int. J. Appl. Inf. Manag.

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With the rapid development and continuous updating of computing technology, computer software is increasingly used in various management of enterprises, which brings great aspects to enterprise management and also creates high benefits for enterprises. This article takes the hospital as an example, based on Internet technology, evaluates the risks of the hospital financial management system, and establishes the relevant risk evaluation model according to the relevant elements of the medical financial management system. In the normal use of the hospital financial management ERP business, the risk consequences are formed through probability calculations. The evaluation value, and finally the evaluation value of the risk of the ERP project of the hospital financial management is calculated. The experimental results show that the average error between the evaluation results of the model and the actual financial value is only 2.429%, indicating that this evaluation method is highly accurate and has strong applicability.

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Large-scale data-driven financial risk management & analysis using machine learning strategies

Cited by 14 publications

References 22 publications

Investigating the Application of Digital Tools for Information Management in Financial Control: Evidence from Bulgaria

Investigating the Application of Digital Tools for Information Management in Financial Control: Evidence from Bulgaria

The Current State and Challenges of Financial Risk Management

Exploration of an "Internet+" Grounded Approach for Establishing a Model for Evaluating Financial Management Risks in Enterprises

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