Risk Management Benchmarks 2022 – executive summary
Insights on risk priorities among central banks and how they are changing
Central Banking’s benchmark data shows that over the last year a majority of central banks (57%) modified their collateral policies, and close to 40% reduced haircuts on banks’ collateral. Risk managers placed reputational risk as the most pressing concern for their central banks, followed by cyber security and credit/counterparty risk.
Nonetheless, in a working-from-home environment, cyber security risks rose the most among the main risks facing central banks globally. In this context, a clear
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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