The SSG report, for example, noted that some firms could not easily integrate market and counterparty risk positions across risks types, making it difficult for their executives to identify concentrations across the entire firm.
Aggregating information about risk exposures and the concentration of risks may not be as challenging at smaller institutions, but checking the timeliness and veracity of the data is important at institutions of all sizes. In other words, 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.