KPMG Chief Risk Officer Survey

Data and insights on transforming risk management to seize the power of trust.

In a fast-moving world, successfully navigating compounding threats and managing change are critical to strengthening enterprise resilience and stakeholder trust. Trust has a multiplier of benefits, enabling stronger performance and accelerated growth. Risk and compliance leaders are trust guardians— enabling organizations to grow, adapt and innovate, creating enterprise value. Our survey of enterprise risk executives explores their drivers, strategies and challenges, with actionable insights for professionals across risk, compliance, legal, cyber, tech risk, and internal audit functions.

The KPMG 2023 CRO Survey draws on perspectives from 390 Chief Risk Officers (CROs) representing the largest companies across six industries. They provided insights into:

Challenges and pressures

Modernizing their risk function

Managing rapid change

Current and future investment

AI evolution and impact

Controlling costs and adding strategic value

Gain next-step knowledge from KPMG action plans. Request the full KPMG 2023 CRO Survey. For industry-focused perspectives, access those reports.

Request the report Industry CRO survey reports

2023 KPMG Chief Risk Officer Survey

Important insights

Biggest challenges for organizations within the next 2-5 years

42 percent of respondents perceive regulatory changes as the most significant challenge their organization will face in the upcoming years emphasizing a needed focus on proactive planning.

Most effective strategies for aligning risk objectives with business goals

Half of respondents seeing training as a key activity, underscoring the importance of properly trained employees.

Budget allocation for risk management efforts

54% see their budgets increasing by 5.1% to 10% over the next 12 months.

Stakeholders driving the most pressure on risk management

External forces like government agencies and investors inflict the most pressure and have heightened expectations.

Areas of risk management considered for outsourcing to enhance risk mitigation strategies

1/3 of respondents considered outsourcing cybersecurity and strategic and financial risks to enhance the efficiency and effectiveness of their risk mitigation strategies.

33%

Strategic risk management and planning

33%

Cybersecurity and threat protection services

33%

Financial risk analysis, including market, liquidity, and credit risks

32%

Technology-driven risk management, such as AI and ML implementation and oversight

31%

Compliance monitoring and regulatory reporting

31%

Training and capacity building efforts for risk management personnel

30%

Operational risk assessments and process improvement

KPMG recognized as a leader in risk consulting

KPMG is proud to again rank No. 1 across multiple risk advisory categories in the Source study: Perceptions of Risk Firms 2023. These categories include First Choice in Financial Risk; First Choice in Third Party Assurance; and 1st for Client Advocacy in Risk.

Learn more

Gain next-step knowledge from KPMG action plans. Request the full KPMG 2023 CRO Survey. For industry-focused perspectives, access those reports.

Request the report Industry CRO survey reports

Building stakeholder trust in risk transformation