Asia-Pacific chief risk officers rank cybersecurity as their top concern, while conduct and operational resilience are also among their leading worries.

The survey by EY and the Institute of International Finance polls CROs globally and includes findings by region.

Ey Oceania insurance leader Stacey Hooper says many of the top concerns, such as cyber and third-party risk management, are consistent across geographies, but conduct risk is a far higher priority in Asia-Pacific.

“This trend is also playing out in the Australian market, with conduct risk being a key focus for the sector post the financial services royal commission,” she said.

More recent influences include the parliamentary inquiry into the 2022 floods, the regulatory focus on pricing promises and consumer protection, and action in the life insurance area around the sustainability of individual disability income insurance.

Ms Hooper says the introduction of the financial accountability regime and the upcoming CPS 230 standard on operational risk management have also increased focus on conduct.

Cybersecurity was cited by 62% of regional respondents as an area for attention over the next 12 months, while 46% flagged conduct risk and 31% operational resilience.

Cyber was also a top risk over the next three years. Others included geopolitical risk, machine learning and artificial intelligence, changes to global regulatory policy and macroprudential supervision, and skill shortages and reskilling of the workforce.

When asked about enhancements their companies were planning for financial risk management over the next 12 months, stress testing or scenario analysis was nominated by 85% of Asia-Pacific CROs. That compares with 59% globally.

The global survey took place between October last year and January.

“The many surprising events of early 2025, had they occurred before the survey was completed, would likely have resulted in elevated concerns about geopolitical, strategic and equity, and market risks, as well as investment returns,” the report says.

“But recent turbulence has only confirmed that CROs play a vital role in helping their firms navigate an evolving, and increasingly turbulent, landscape.”