Business leaders around the world are using emerging technologies to capitalize on data, to create business value and to compete effectively in a digitally driven world. Among them the risk assessment and the risk management, based on the assessment is a process which can be made using the available past historical data and applying Data Analytics. Although it is being implemented in different business domains, it is at a nascent stage. It is further new and emerging in the area of Education. This paper describes such a process followed in an educational institution of an engineering college and the use of data for risk management. Based on the processes followed, the performance of the students is seen to be improving in academic performance, placement, higher education and entrepreneurship. This also provides a good process and framework for taking strategic initiatives which will give long term benefits in the areas like research and outreach activities.