RMA’s Annual CRO Survey Reveals Cybersecurity, Fraud, and Rapid Response as Key Banking Risks in 2025

- Cybersecurity Remains the Top Priority for CROs Amid a Fast-Paced, Evolving Risk Landscape-

ProSight Financial Association has announced the results of the fourth annual RMA Chief Risk Officer (CRO) Outlook Survey. ProSight, formed from this year’s merger of RMA (Risk Management Association) and BAI, said the survey reveals a financial services risk management environment that has been affected by the 2023 regional bank crisis as critical risks that preceded the crisis such as cyber, fraud, and third-party risk remain.

Conducted in the summer of 2024 in collaboration with Oliver Wyman, the RMA CRO Outlook Survey collected the perspectives of 177 CROs and other senior risk leaders from banks primarily in the U.S. and Canada, ranging from Global Systemically Important Banks to community banks. (For a detailed report on the survey results, see “Rising to the Risks of a Changed Industry: Seven Themes from the 2025 RMA CRO Outlook Survey.”)

Top Risks

The top risks this year marked a resurgence of several non-financial risks. Cyber risk was the No. 1 risk cited in the survey, named by 63% of respondents as a top-tier risk. Fraud (44%) returned to the top five in the No. 2 position after an absence last year, and broader technology risk, which was No. 1 in the most recent survey, came in at No. 3 (38%). The top five was rounded out by wholesale credit risk at No. 4 (32%), down from No. 3 a year earlier, and third-party risk (32%) was a new entry in the top five.

Banks on Guard Against the Speed of Risk

Ninety-three percent of respondents noted a need for the banking industry to adapt to the increased speed of risk demonstrated by bank stock volatility, unprecedented deposit runs, and other developments in 2023. CROs said their institutions are implementing new early warning indicators and risk limits, enhanced scenario analysis, crisis management and incident response plans, and revised models based on data from the 2023 crisis.

As they face new challenges, respondents believe the future holds still more uncertainty as risks and opportunities emerge from the rise of generative AI and other technologies, geopolitical events, market behavior, and as-yet-unknown sources.

Heightened Regulatory Demands

Adding to the pressures, 84% of respondents said that their institutions are being held to higher standards by supervisory teams, and CROs largely expect that trend to continue. Many also noted that regulators have higher expectations for faster response to questions and progress on open issues.

CROs Look to the Future

To thrive in a faster, more complex environment, risk executives are looking ahead by green-lighting projects to help their institutions optimize and gain efficiency. The most common major initiatives center on analytics and modeling, cyber/technology risks, risk data and infrastructure, AI, and risk governance and reporting.

“ProSight is committed to strengthening and advancing the financial services industry and providing risk executives and managers with tools and insights to help inform their strategies,” said Debbie Bianucci, CEO at ProSight Financial Association. “ProSight is uniquely positioned to bring insights, expertise, and tools to CROs and their risk management teams.”

“This year’s survey and its aggregation of the most prevalent risk priorities and practices will help risk officers manage these challenges head-on, especially in areas of growing concern like cyber and fraud,” said Edward J. DeMarco Jr., Managing Director of Advanced Risk Services at ProSight Financial Association.

“This year’s survey highlights that many of the impacts from the 2023 regional banking crisis are here to stay. Risks are materializing faster as the world becomes more interconnected, with cyber, technology, and third-party risks continuing to rise in importance,” said Michael Duane, Partner and Co-Head of the Americas Finance and Risk Practice at Oliver Wyman.

About The Survey

The survey was conducted in the summer of 2024 with responses from 177 CROs and other senior risk leaders from primarily North American institutions with assets ranging from less than $25 billion to more than $250 billion.

About RMA

Founded in 1914, the Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has over 900 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by over 66,000 individuals located throughout North America, Europe, Australia, and Asia/Pacific. In 2024, RMA and BAI merged to form ProSight Financial Association to offer an even greater level of support to the financial services industry, leveraging RMA’s deep risk expertise and BAI’s strong compliance knowledge.

About ProSight Financial Association

ProSight Financial Association is a non-profit organization formed through the merger of BAI and RMA. Focusing on empowering financial services leaders, ProSight provides relevant insights, powerful tools, and unique resources to help its members strengthen and advance the industry. ProSight's expertise spans retail and commercial banking, with deep knowledge in risk and compliance, enabling the organization to support professionals in meeting the challenges of a rapidly evolving industry. For more information, visit www.ProSightFA.org

About Oliver Wyman

Oliver Wyman, a business of Marsh McLennan (NYSE: MMC), is a management consulting firm combining deep industry knowledge with specialized expertise to help clients optimize their business, improve operations and accelerate performance. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit oliverwyman.com, or follow on LinkedIn and X.

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