In search of the gold standard

Data is fundamental to enterprise risk management systems. Some banks have looked to build single, consistent central sources of information for risk analysis, but how are they tackling this task? Is this goal even achievable? By Clive Davidson

Any financial institution attempting to build an enterprise risk management infrastructure must start with the issue of data. It is a cliche to say data is the lifeblood of the financial sector, yet for all the acknowledgement of the importance of data by risk managers, senior management, regulators and industry bodies over the years, its problems are largely unresolved - and in many ways are getting worse.

Regulators have pointed to incomplete, inconsistent and unreliable data as contributing