Risk management
Charts
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.
Risk Management Benchmarks 2023 – presentation
Specialist Victor Mendez-Barreira discusses market volatility, cyber security and progress on climate change
Risk Management Benchmarks 2023 – executive summary
Key results from the 2023 benchmarks, including risk priorities, organisational structure and metrics
Risk Management Benchmarks 2023 report – shifting priorities
Central banks are increasingly focused on cyber security risk, while market risk and human resources are rising concerns
Over four-fifths of banks have yet to update APP risk mitigants
Most emerging market institutions plan to improve climate provisions in near future
Financial risk teams have higher staffing ratio than other units
Cyber risk and other threats prompt greater staff allocation to sub-units
Financial risks report published across 75% of jurisdictions
Frequency of publications and levels of transparency vary across jurisdictions
Centralised departments more likely to face new responsibilities
Respondents reported changes in risk approaches to the environment, and banking and insurance supervision
Risk management staff earn many multiples of per capita income
Risk managers paid more in richest jurisdictions but poorer countries still pay competitive wages
Use of defined project risk and delegated risk metrics declines
Around three-quarters of central banks have distinct institutional risk appetite
ISO 31000 remains top framework for risk managers
Majority of banks blend international frameworks with domestic solutions
Most central banks still not using GRC systems
AE respondents more likely to favour integrated system versus EME counterparties, in a reverse to 2022
Most central banks track key risk indicators
Few banks consider improving current scope of KRIs, others to unveil soon