PwC’s global banking risk survey: What risks should be on CROs’ minds?
How should CROs adapt to the future needs of the business? Mark Batten, Banking & Capital Markets Leader at PwC, and Symon Dawson, Risk Transformation Partner at PwC, reveal the findings of the PwC global banking risk survey.
Mark reflects on previous survey findings and reveals the evolution that CROs have undergone since 2018. Symon shares this year’s survey findings, and highlights the importance of resilience, the shift towards non-financial risks, and the role of AI in modern risk management. Gain valuable insights into the evolving landscape of risk management in the banking sector and the critical skills CROs need to navigate today's challenges.
Introducing PwC’s 2025 banking risk survey
PwC’s 2025 Banking Risk Survey is an expansive report involving over 50 global banks. Using interviews with Chief Risk Officers (CROs) and structured surveys, the survey provides detailed quantitative insights vital to the banking and capital markets sectors.
Amidst the backdrop of significant geopolitical and climatic changes, the survey reveals increasing concerns about data sovereignty, cyber risks, and resilience, all of which are intensifying within the industry. These trends pose substantial challenges but also highlight new areas of focus for risk professionals worldwide.
Evolution of risk management since 2018
Looking back, the survey highlights a shift in focus from post-global financial crisis remediation in 2018 to today’s emphasis on resilience and anticipation of future challenges. In 2018, financial institutions were still grappling with regulatory compliance and the residual impacts of the crisis. By 2022, resilience began emerging as a crucial theme, with an increasing call for the modernisation of static frameworks.
In 2025, Mark and Symon note the growing pivot towards transformational change. There is a clear need for risk functions to become leaner, more digital, and ultimately more integrated within business operations.
Key themes from the 2025 survey
Symon elaborated on three main takeaways from the survey:
- True transformation: Unlike previous surveys focused on cost reduction and offshore capabilities, the 2025 findings emphasise a comprehensive transformation, aiming for risk functions to become more digitally adept and value-driven.
- Non-financial risks and resilience: With emerging risks on the horizon, organisations are trailing in their ability to manage these effectively. Enhancing frameworks and tools for identifying and managing non-financial risks is crucial.
- Enterprise risk capabilities: Connecting the dots across risk areas to understand external impacts and improve organisational responses using enhanced enterprise risk management (ERM) capabilities will be crucial.
Navigating future risks: Leadership, skills, and AI
The conversation expanded to cover strategic insights for CROs, focusing on leadership, skill acquisition, and artificial intelligence (AI).
- Leadership: Risk functions and CROs should transcend traditional technical roles to become proactive change agents within their organisations.
- Skills: Adapting to new risk realities requires moving beyond financial backgrounds, embracing digital capabilities, analytics, and strategic business engagement.
- AI transition: Although AI offers promising opportunities, Mark and Symon caution about the challenges in its implementation, emphasising the need for the industry to continue its experimental phase with strategic foresight.
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