Karthik,
It is not recommended to house this data long term on the gateway due to this is non standard configuration and risk over time filling up local databases. This will also put additional load when data is stored to the local database, and reporting is done (Disk IO and CPU). The better way to approach this is to use the Audit Sink policy to push the data to a remote database or other resource (JMS, HTTP, etc) to be acted against. By putting this into the audit sink policy it will not slow the response back to the client and will be across all services.
Sincerely,
Stephen Hughes
Director, CA Support