Cyber is top concern for risk managers
Cyber security is comfortably the top concern for risk managers in 2023, garnering 39% of the vote in the risk management benchmark. A significant proportion of central banks were also focused on reputational risk as their number one priority, which could reflect the intense pressure institutions have been under due to the global surge in inflation.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Specialist Victor Mendez-Barreira discusses market volatility, cyber security and progress on climate change
Key results from the 2023 benchmarks, including risk priorities, organisational structure and metrics
Central banks are increasingly focused on cyber security risk, while market risk and human resources are rising concerns
Most emerging market institutions plan to improve climate provisions in near future
Cyber risk and other threats prompt greater staff allocation to sub-units
Frequency of publications and levels of transparency vary across jurisdictions
Respondents reported changes in risk approaches to the environment, and banking and insurance supervision
Risk managers paid more in richest jurisdictions but poorer countries still pay competitive wages
Around three-quarters of central banks have distinct institutional risk appetite
Majority of banks blend international frameworks with domestic solutions
AE respondents more likely to favour integrated system versus EME counterparties, in a reverse to 2022
Few banks consider improving current scope of KRIs, others to unveil soon