The chief risk officers and their teams within financial services firms are primarily concerned with cybersecurity and data-related risks at their firms, according to the eighth annual global bank risk management survey of chief risk officers run by EY and the Institute of International Finance.Cybersecurity has surged as a concern with respondents, with 77 per cent of the chief risk officers who responded naming it as one of the most important risks over the next year - a 22 per cent increase since the 2015 survey. In addition, a majority of the banks surveyed (86 per cent) cited data-related risks (such as availability and integrity of data) as a top emerging risk over the next five years.The survey was measured on a global basis, with around 75 CROs responding. The top critical roles within risk and compliance functions are: helping to identify risks and align strategic efforts with risk tolerance (71 per cent); offering guidance on laws and regulations that could be interpreted as relevant to new technologies; products or services (49 per cent); and providing review and approval prior to product launch (47 per cent)."CROs and anyone who works in the risk function have to be much closer to the business lines with a more proactive mindset. Banks depend on people to implement, maintain and protect systems and data. Data will help identify and address emerging risks as well as inform strategic and everyday decisions," said Andrés Portilla, managing director of the regulatory affairs department at IIF."But data itself is also a source of risk, either from a data protection, integrity or fraud perspective, and risk managers have a key role to play in keeping a balance between leveraging the new technologies as much as possible within their organizations and keeping the associated risks within their risk appetite."Another trend noted is that banks are embracing new technologies such as blockchain, robotic process automation, chatbots and more. Survey respondents expect new techniques and technologies to drive down costs in risk management, notably through the use of automation (87 per cent), digitization (64 per cent), machine learning (59 per cent) and risk models using artificial intelligence (AI) (57 per cent). When it comes to implementing new technologies to drive digital transformation, the top three concerns of respondents are cybersecurity (64 per cent), shortage of IT resources/talent (also 64 per cent), and cost (52 per cent).The top risks will generally be the same for CROs in Australia but they may be in a different list of priorities, according to Doug Nixon, a partner in EY's Financial Services Office and leader of the firm's financial services risk management practice in Oceania.And all manner of risks are being brought to the attention of the c-suite."There's not an institution now where the chief risk officer does not report directly to the chief executive officer. Two decades ago that may not always have been the case but it certainly is now," Nixon said.He then suggested the risks to Australian banks from financial crime regulations would be