Timely and accurate information is the lifeblood of sound risk management. A  BIS Review 40/2008  5  good risk-management structure is designed to identify the full spectrum of risks across the entire firm, gathering and processing information on an enterprisewide basis in real time. In short, you cannot manage your risks if you do not know what they are.
Gathering information should be done with appropriate care and with adequate resources for checking timeliness and veracity. Risk managers should live by the adage, "Trust but verify," being careful not to rely on assessments or data from others without conducting proper due diligence. It is also worth noting that financial institutions should gather information before they see market troubles brewing.