Top 10 op risks 2022: geopolitical risk takes center stage

Ukraine invasion, western sanctions, and Russian response seen driving the big rise in cyber and supply chain risks

Below is a preview of this year’s top 10 operational risk surveys. The full results will be published tomorrow.

The chief risk officer at a large European asset manager sums up the impact of Russia’s devastating war in Ukraine on his firm’s operational risk profile succinctly: “We have war in Europe. Not just small blips: things that move our business entirely.”

And although the votes in Risk.net’s annual Top 10 operational risk survey were cast in the advent – within a climate of deteriorating relations and Russian troops massing on Ukraine’s borders – the war and its aftermath cast a horrible shadow over this year’s results.

As banks brace for an escalation in hacking attempts from Russia-linked groups, op risk managers have never been more aware of the hazards posed to their institutional infrastructure by malevolent actors. The head of the cyber risk at a European bank says he also fears IT disruption from extreme cyber attacks or outages beyond his control.

Small wonder, then, that IT disruption tops this year’s poll again – a phenomenon that has never been far from the top of mind, with the heads of the largest US banks in May voicing their fears to Congress. Last year also marked the first anniversary of the Russian hack of SolarWinds, which is thought to have compromised US government servers as well as banks and other Read more:https://bit.ly/3vVnkFB

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