Cyber and fintech risk policies rejigged in a few central banks
Departmental structure varies across jurisdictions
Only a few central banks updated their cyber security and fintech risk policies in the past year, the Risk Management Benchmarks 2024 reveal.
The policies were updated in just a quarter of (25.8%) of 31 central banks. Of the 23 (74.2%) jurisdictions where no changes were made, three say they have plans to make changes in the future.
Central Banking also asked how many respondents operate a joint cyber security-fintech risk unit. Twenty-one out of 33 respondents (63.6%) answered in the
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Data reveals central banks’ risk governance structures and strategies, as well as the top risks in 2024
ISO 31000 and COSO–ERM remain central banks’ leading standards
Central banks from high income countries less likely to use COSO–ERM
Mean risk management salary greater in high income countries
Salaries average $72,738 in rich countries but $33,464 in upper-middle income nations
Most central banks have difficulty hiring skilled cyber security staff
Respondents highlight pay disparity, skills gap and technological advancements as factors
Exit rate of risk management staff averages over 10%
Workers in middle income institutions tend to leave at a higher rate
Operational and financial risk units have largest staff
Upper-middle income institutions have largest average total number of risk employees
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