Risk management is gaining prominence in the financial services industry, with 44% of boards of directors devoting more time to oversight of risk management, according to Deloitte’s latest Global Risk Management Survey.
The most common risk management responsibilities cited by boards were reviewing and approving the overall risk management policy and/or ERM framework (90%), monitoring risk appetite application for financial and non-financial risk (89%), assessing capital adequacy (89%), and monitoring new and emerging risks (81%).
While most organizations ranked cybersecurity as a top risk over the next two years, only 42% believe their company is extremely or very effective at managing it. Compounding the issue, more than half of respondents pointed to the acquisition of talented cybersecurity employees as a particular challenge.
Competition for professionals with risk management skills and experience is also intensifying, with more than three-quarters of respondents placing a high priority on attracting and retaining qualified risk management professionals over the next two years.