The latest survey on bank risk management by the Institute of International Finance (IIF) and EY shows that cybersecurity is back at the top of the list of near-term risks for banks around the world. The 12th edition of this joint report is based on survey data from 88 banks across 30 countries.
Cybersecurity is viewed as the top year-ahead risk, followed by credit and environmental risks, according to the 12th Annual EY/IIF Global Bank Risk Management Survey – “Seeking Stability within Volatility: How Interdependent Risks put CROs at the Heart of the Banking Business.”
Cyber threats are at the top of the list due to their rising complexity and constant evolution. Credit risk remains a high priority as banks look out for hidden risks that may materialize in the looming economic downturn. From new products and business models to digital assets and ecosystems, customer growth and product innovation strategies demand Chief Risk Officer (CRO) attention. CROs are looking for more adaptable and agile teams to manage risks across the business and boost performance within their own functions. World events and external forces have combined to complicate traditional risk management categories, expanded responsibilities and rearranged priorities for CROs in the banking industry.