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Operational risk management is paramount for organizations to safeguard against disruptions, financial losses, and reputational damage. In a world where large-scale catastrophes are becoming more frequent, the management of risk in general and the understanding of how to prevent catastrophic losses is tantamount. The emergence of data analytics has revolutionized operational risk management by empowering organizations to extract actionable insights from vast volumes of data. By leveraging advanced analytics techniques, organizations can proactively identify, assess, and mitigate risks, thereby enhancing operational resilience and driving sustainable business performance.
Richard et al. (Sat,) studied this question.