The World Federation of Exchanges (WFE) conducted its annual assessment of risk through the Enterprise Risk Working Group (ERWG), between July and August 2025. The survey gathered anonymous responses from 29 member firms globally. Members ranked risk categories from 1 (least important) to 5 (most important), providing qualitative insights as well.
While cyber resilience remains the top concern among enterprise risk professionals, it is also part of a wider concern about digital resilience. The top risks identified reflect growing concerns around digital resilience, AI integration, and regulatory complexity. Cybersecurity continues to rank highest, closely followed by technology-related and operational risks (including process failures and human error).
The WFE and its members use this information to inform their own approach. For the WFE, we use this information to focus activities on the key risks members identify. For our members, they use this information to benchmark their views against their peers and inform strategic discussions. We share this information more broadly with policymakers and the ecosystem with the hope that it is similarly useful for them.
While these results are consistent with topics discussed within the ERWG over this and previous years, we note that this is not a collective exercise, and the exact ranking and emphasis may vary considerably from member to member.