Risk management
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
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. The 2024 benchmarks also shed light on risk management governance, systems and controls.
Charts
Cyber still in focus
Cyber security remains the number one concern for risk managers in 2024, unchanged from the 2023 and 2022 benchmarks. Market risk comes a distant second, followed by operational risk.
Environmental risk brings up the rear. Some central banks have established climate risk units, and many have staff working on the issue. But it still clearly remains a secondary concern.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Model banks analysis – Risk Management 2024
Central banks focus on different kinds of risk and operate varied management structures
Risk management data
View the full breakdown of responses to the Risk management Benchmarks.
Previous years
Risk Management 2024
Risk Management 2023
Risk Management 2022
Risk Management Benchmarks 2024 – model banks analysis
Central banks focus on different kinds of risk and operate varied management structures
Risk Management Benchmarks 2024 – executive summary
Data reveals central banks’ risk governance structures and strategies, as well as the top risks in 2024
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
Enterprise-wide risk management widespread among central banks
Few institutions maintain use of department-level and damage limitation approaches
Most central banks lack climate risk units
Just under half of institutions say they have difficulty hiring staff with matching skills
Cyber and fintech risk policies rejigged in a few central banks
Departmental structure varies across jurisdictions