A recent Economist Intelligence Unit survey of bank risk management executives yielded a surprising result: Over half of these senior retail, commercial and investment bankers say they lack sufficient data to support robust risk management.
The assertion is especially noteworthy because banks are awash in data, both big and small. The growing complexity of transactions, volatility of markets, multiplication of devices, spread of digitisation, multiplication of channels, demands from regulators—all have increased the sheer volume of data exponentially. Yet there is not enough to support robust risk management in terms of improving risk management outcomes. And when it comes to better outcomes—the ability to avoid or reduce losses stemming from a variety of risks—what counts is finding data that reveals insights and leads to action.
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