Arguably, banks have historically paid insufficient attention to a key ingredient of their success – data. The results are predictable. Bank performance is limited by the completeness, consistency, timeliness and accuracy of its data in numerous ways. In our experience, bank profits are penalized by up to 10% while the global financial crisis illustrated the importance of high quality data for effective risk management. Oliver Wyman’s latest report examines common underlying factors behind poor risk data and reporting and outlines three steps banks can take to plot a way forward and stay ahead of the race.