March 2026
KPMG’s eleventh annual Risk and ICARA Benchmarking Survey provides insight into how wealth and asset management firms are responding to an increasingly complex risk, regulatory and operating environment.
Technology and innovation are central themes throughout the survey. Artificial intelligence, digitalisation and automation are increasingly being used to enhance efficiency, strengthen controls and support regulatory compliance, while also introducing new governance, oversight and skills challenges.
This year’s findings highlight a continued shift in focus towards cyber risk and operational resilience, reflecting heightened threat levels, increased reliance on technology and third‑party providers, and greater regulatory scrutiny. Firms are moving beyond framework implementation towards embedding resilience into business‑as‑usual.
The survey also explores evolving risk and compliance operating models, including the growing presence of first‑line capability, changing headcount profiles and increasing demand for specialist skills in areas such as cyber, operational resilience, third‑party risk and private markets. Alongside this, it examines how firms are responding to regulatory developments, including around the growth and competitiveness agenda, private markets, Consumer Duty, ESG, digital innovation and financial resilience under the Investment Firms Prudential Regime.
Together, the results provide a current view of how firms are positioning themselves to manage risk, meet regulatory expectations and build resilience in a rapidly changing environment.
Download our findings here.
