Risk Management Benchmarks 2024 – executive summary
Data reveals central banks’ risk governance structures and strategies, as well as the top risks in 2024
In many ways, the start of 2024 marks continuity with 2023. Central banks are still focused on bringing inflation under control, and the high-rate environment has kept market risks near the top of most institutions’ risk management priorities. Technological progress in the financial sector is also proceeding at pace, which is likely one reason why cyber security yet again tops the list of central banks’ risk concerns. Cyber is also seen as the fastest-growing risk.
In other areas there does
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More on Risk Management
Risk Management Benchmarks 2024 – model banks analysis
Central banks focus on different kinds of risk and operate varied management structures
Risk Management Benchmarks 2024 report – tech and turbulence
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
Cyber security remains critical concern for risk managers
High income central banks put greater emphasis on market and credit risks
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