Risk management has been top-of-mind for bank leaders over the past year. Even before the bank failures in March, there was increased concern among bank leaders around several areas of risk. According to Bank Director’s 2023 Risk Survey, which was released in March but conducted in January 2023, respondents’ concerns about interest rate, credit and liquidity risks all increased markedly in 2023. Bank executives and directors also identified cybersecurity and compliance as areas where their concerns have increased.

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