Risk Management Benchmarks 2022 – presentation
Central Banking’s Victor Mendez-Barreira on emerging risks, risk management departments and influential risk approaches
Central banks were at the forefront of the policy response to the Covid-19 pandemic with changed risk management practices becoming an increasingly important element in their toolbox. Last year, a majority of central banks (57%) modified their collateral policies and close to 40% reduced haircuts on banks’ collateral, according to Central Banking’s Risk Management Benchmarks 2022 data.
Risk managers placed reputational risk as the most pressing concern for their central banks, followed by cyber
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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
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