Cybersecurity and credit risk are the top risk priorities for community banks, according to a new survey by the Risk Management Association. Eighty-five percent of community bank executives listed cybersecurity as a top risk priority, with credit risk close behind at 84%. Respondents also cited operational risk (65%), IT risk (62%), interest rate risk (57%) and regulatory compliance risk (50%).
Community bankers were also asked where compliance was most difficult. CECL and cyber were the top answers, with 56% of respondents listing each as difficult. Other compliance challenges cited were small business data collection (53%), new Community Reinvestment Act rules (51%), information security expectations (47%) and residential mortgage regulation compliance (43%). In addition, when asked about their top talent management issues, 75% of community bankers ranked talent attraction and retention as their top concern.