Global risk management survey-11th edition

Reimaging risk management to mitigate looming economic dangers and nonfinancial risks

Key Findings

       The importance of cybersecurity continues to increase - 67% of respondents rated cyber-security as one of three risks whose importance is increasing for their business over the next two years

    Increasing focus on non-financial risks - Almost all respondents considered their institutions extremely or very effective in managing traditional financial risks, such as market (92%), credit (89%), assets and liabilities (87%), and liquidity (87%). In contrast, about half of respondents said the same about various non-financial risks, including reputation (57%), operational (56%), business resilience (54%), model (51%), conduct and culture %), strategy (46%), third (40%), geopolitics (35%) and data integrity (34%).

    Improving data risk and IT systems is a priority - This has been a continuing issue for financial institutions and the industry, which indicates the profound difficulty in obtaining quality data

   The potential of digital risk management - most respondents identified the use of new digital technologies as an opportunity for risk management. The technologies identified were: cloud computing (48%), big data and analytics (40%), and Business Process Modeling (BPM) tools (38%).

   Difficulty in implementing the governance model for risk management - Most institutions (97%) reported applying the three lines of governance model for risk management, but said they face significant challenges.

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