Financial Services Ireland

Banking

The 11th annual EY/IIF Global Bank Risk Management Survey

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We are delighted to present the latest EY/IIF Global Bank Risk Survey. This is a major survey of Chief Risk Officers and Board members globally which provides great insight on the top of mind issues facing our banking clients.

The overriding message for this year’s survey is around resilience. The resilience of the banking sector through C19 with stressed customers, remote working and a dramatic shift to digital channels can only be described as impressive.

However, C19 has also highlighted the challenges we all face around employee wellbeing, data and cybersecurity, as well as what is politely referred to as climate change but is better described as environmental degradation.

With returns on equity for EU banking very much in the single digits, the pressure for transformation of business and operating models in this stressed environment is still very real. Interesting than that CROs globally expect the costs of control to continue to increase, albeit around 25% of CROs are taking on cost reduction of their functions as a priority going forward. Risk functions lag organisational cost reduction given the heightened risks inherent in change but a minority of global banks feel they are ready to take this on.

Survey respondents are of the view that regulatory requirements are expected to increase in a number of areas including around data protection, third party risk and of course cyber security which is impacting the areas for Risk functions to focus future recruiting. Locally the ‘green’ agenda being pushed by the EU wants economic recovery but with dramatic steps to address climate change and indeed fighting financial crime. So, the demands on bank CROs and boards are by no means tailing off.

We hope you find this research useful. As ever surveys are not a substitute for organisation specific analysis but with a particular poignancy to the ‘back to school’ this year as the majority of the population have been vaccinated, its timely to take a step back to consider areas of CRO and board focus for into 2022.

Download the full survey report below. If you have questions about the survey please let us know.

Cormac Murphy

Banking & Capital Markets, Sector Leader
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