Financial institutions face increasing industry risks—making it important for executives to identify and address potential threats before they negatively impact their business.
The 2022 Risk Survey—presented by Bank Director and Moss Adams—includes insights from directors, chief executive officers, risk officers, and senior executives of US banks below $100 billion in assets. The survey focuses on the top risks facing financial institutions.
Explore key insights uncovered by the 2022 Risk Survey in our article and Bank Director’s summary.
Top issues and goals front of mind for banks included:
- Enhance Cybersecurity Oversight. Most banks indicated they conducted a cybersecurity assessment over the past year. While 83% of programs are more mature compared to previous assessments, there’s still room to improve, particularly in training bank staff and using technology to better detect and deter cyberthreats.
- Set ESG Goals. While most banks lack a comprehensive environmental, social, and governance (ESG) program, more than half set goals in areas such as employee development, community needs, and investment or volunteerism.
- Protect Staff. More than 80% of respondents have employees working remotely for a portion of the week, but formalizing remote work procedures and policies remains a gap in business continuity planning for many. Further, most banks encourage rather than require COVID-19 vaccinations.
- Address Climate Change Gaps. Sixteen percent of boards discusses climate change annually. While 60% indicate their board and senior leadership team understand the physical risks to their bank as a result of more frequent severe weather events, less than half understand transition risks tied to shifts in preferences or reduced demand for products and services as the economy adapts.
Risk Insights for 2022
Explore results of Bank Director’s 2022 Risk Survey and insights to navigate cybersecurity and other current challenges.