Global banks are shifting toward more integrated, technology-driven risk management strategies amid escalating cyber threats, economic pressures, and rapid digital change, according to the 15th annual EY/IIF Global Bank Risk Management Survey.
The report, based on insights from chief risk officers (CROs) at 101 banks across 31 countries, reveals that risks have grown increasingly dynamic, nonlinear, and interconnected. Banks are moving beyond traditional approaches, with CROs assuming strategic roles in shaping business decisions rather than mere oversight.
Cybersecurity and technology vulnerabilities top the concerns, cited by 86% of CROs as their primary near-term risk, driven by fears of digital attacks, system disruptions, and data breaches. Credit risk follows closely at 62%, reflecting softer economic conditions and the rise of private credit disrupting traditional lending.
Data risk concerns 41% of respondents, while digital fraud and financial crime persist as banks accelerate digital migration. In response, 55% of CROs prioritize AI-enabled tools for enhanced risk monitoring and decision-making.
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Anthony Oputa, Managing Partner for West Africa at EY, described the report as a vital roadmap for banking leaders. “The report serves as a vital resource for banking leaders seeking to understand and respond to the shifting risk landscape,” he said, emphasizing EY’s commitment to supporting integrated risk practices for stronger, sustainable institutions.
Ashish Bakhshi, clients and industries leader for West Africa at EY, said the risk environment has become more volatile as technology continues to reshape the financial system.
“Banks must embrace a strategic mindset that balances risk mitigation with growth opportunities,” Bakhshi said. “Rapid technological innovation and evolving regulatory landscapes are fundamentally changing how institutions think about risk.”
Abiodun Akinnusi, banking and capital markets leader for West Africa at EY, said the pace of change in the industry has accelerated to an unprecedented level, forcing banks to rethink traditional risk models.
“Financial institutions face not only traditional financial risks but also emerging challenges from digital transformation and evolving customer expectations,” Akinnusi said.
He noted that banks are increasingly integrating technology, governance, and talent development to build more adaptive risk frameworks that can respond to rapidly evolving threats.
Looking forward, 63% of CROs anticipate heightened regulatory scrutiny on technology and AI risks, while 51% expect increased investments in risk data and analytics. The regulatory environment is fragmenting with localized rules on data, technology, and resilience, challenging banks to balance compliance, agility, and innovation.
