Incomplete, inaccurate or obsolete data is the primary reason that financial institutions are losing up to $120 million a year through operational risk. That is the conclusion of a recent survey by the Risk Waters Group and SAS, a market leader in business intelligence.

The survey, the largest ever conducted about operational risk management, included interviews with 400 risk managers at 300 financial institutions. It looked into the losses suffered through operational risk and what companies in the financial sector are doing to reduce them.

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