Charles Taylor is wrong (“ Banks’ approach to risk data is deeply inadequate”, July 16). Banks and their supervisors take managing their data on risk seriously.
Mr Taylor states that the world’s biggest banks “are doing an awful job of managing their data on risk”, basing his conclusion on a report issued by the Basel Committee on Banking Supervision (BCBS) last month. He goes on to state that “the Basel data standards are really basic” and that “management often seems not to care”.
He concludes that banks “are not taking their knowledge gap seriously enough . . . partly because . . . supervisors have not been serious either”.
However, the BCBS report he cites finds that…
