Abstract: Conventional methods of analyzing social media content involves performing sentimental analysis to understand related sentiment and effects of events on communities. However, such analysis may not be completely accurate and are prone to errors. Present disclosure provides system and method that identify and analyze risk events from data collected from various sources. Key phrases obtained from sources is received, pre-processed, and clustered accordingly. The clustering is performed based on frequency of incoming words. The clustered dataset obtained is classified into one or more categories based on a polarity score. Dataset of specific category (e.g., negative category dataset) is analysed to identify events and topics which are then grouped using an associated label to obtain grouped entities.