133. Data collection is an important way for supervisors to identify and monitor risks, but it can be time consuming and burdensome for entities and supervisors when it is done inefficiently. Entities may have difficulties collecting data required by supervisors or providing data where their systems are not compatible with that of the supervisor. Supervisors may also face challenges in handling and processing data, particularly large-scale data sets. Some of the common data collection challenges include:

• a lack of relevant historical quantitative data or the data requested is not retained by the entity in the form requested by the supervisor

• lack of information in digital format or held in multiple databases

• high volume of information

• inconsistent definitions may affect the quality of the data collected and there may be compatibility issues among the data from different institutions

• information requires data cleaning before using, and

• cost of collection, validation, storage, processing and dissemination.