The Americas
Most central banks without CBDC mandate engaged in retail projects
Only one in three banks has a legal mandate for CBDC issuance, but many are still working on digital currency
Cyber, suptech and CBDCs are top areas for fintech research
Central banks with fintech strategy more likely to prioritise CBDCs
Cyber security and legacy systems still greatest technology challenges
But concerns differ by central banks’ CBDC mandate
Central banks lacking fintech unit less likely to have a strategy
Respondents’ strategic priorities include digitalisation, regulations, collaborations and others
Four in five central banks lack chief fintech officers
Centralised fintech teams more likely to have chief fintech officers
Trump’s tariff threats fuel corporate FX hedging revamp
Treasurers mull options and longer-dated hedges in face of mixed signals on extent and timing of measures
Privacy and security seen as greatest AI risks
Larger risk teams more likely to provide training to staff on risk types
Most central banks reviewed risk management in past year
Other aspects evaluated varied by risk team structure and departmental staff strength
Cyber and geopolitical risks are managers’ top risks
Geopolitical risks seen rising fastest, but cyber is the biggest concern currently
Central banks keep ISO 31000 and COSO-ERM as main approaches
Principles tend to vary slightly by central banks’ risk management philosophies
Central banks typically employ detailed business continuity plans
But institutional risk appetite is less commonly included, especially in Europe
One-fifth of central banks lack defined risk tolerance and strategy
But majority of respondents apply risk management principles to policies and processes
Adoption of governance, risk and compliance systems still partial
Respondents mention main service providers and plans to upgrade
Decentralised risk teams less likely to have chief risk officers
CROs are also less common at Asia-Pacific and European central banks
Credit and counterparty risk gains relevance as most covered risk
But central banks’ top risks vary by geographical regions
Centralised risk teams tend to have more sub-units
Size of central banks with climate change risk unit steadies at 12%
Financial and op risk divisions maintain largest staff
Upper-middle income nations tend to have different staffing priorities
Share of economics departments with data unit rises
Web scraping and administrative data are top alternative sources for economists
Economists commonly use AI for data analysis
Lower-middle income countries, Africa and Asia-Pacific report lower use of AI
Peer-reviewed journals still top gauge for research impact
Smaller teams more likely to consider conference presentations as assessment tool
Inflation and GDP growth forecast errors decrease further
Forecast errors used widely for key model adjustments