Centralised departments more likely to face new responsibilities

Respondents reported changes in risk approaches to the environment, and banking and insurance supervision

Just under half (45.5%) of institutions participating in the Risk Management Benchmarks 2023 updated their risk management framework in response to changing responsibilities during the past 24 months, a small increase compared with 2022 figures (43.3%).

The central bank’s structural approach to risk management appeared to have some bearing on the result, with 56% of organisations with a centralised risk management department having their areas of responsibilities modified in a manner that

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