Risk Management Benchmarks 2023 – executive summary
Key results from the 2023 benchmarks, including risk priorities, organisational structure and metrics
The Covid-19 pandemic, the monetary and fiscal policy response it required to avoid a global economic depression, and the widespread adoption of working-from-home routines are having a profound impact on central banks’ risk management priorities. Partly as a result of these sweeping changes, cyber security risks have become the most important concern for these institutions globally. In fact, 74% of central banks now place cyber security as one of the top three risks that concerns them the most
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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