Cyber threats are seen by banks as top near-term risk
- Published: Thursday, 12 January 2023 10:51
Cyber threats top the list of near-term risks for banks around the world, according to the latest EY and Institute of International Finance (IIF) bank risk management survey. The survey results present CROs’ views on the most urgent issues facing their organizations, and those that they expect will take on more importance in the next three to five years. The 12th edition of the joint survey report, 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, is based on responses from 88 banks across 30 countries.
Key findings include:
- Cyber threats top the agenda, due to their ever-increasing complexity and constant evolution.
- Geopolitical risk adds uncertainty to economic turbulence, with varying impacts across regions.
- 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 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.
- The complex interplay between overlapping risks and external and internal forces can result in risk issues moving quickly and in unexpected ways.
More details (PDF).