Country Risk Management Survey

Research Objectives

The Risk Management Association has surveyed financial service institutions to determine the range of practices and standards currently used for country risk management. In addition to providing benchmark data on current practice, the survey illuminates industry and regulatory trends the respondents think are likely to shape country risk management over the next few years.

The survey also includes sections for comments to describe what, if any, impact the recent credit crisis and market disruptions have had on the respondents' approach to country risk management in general and what the future holds for the country risk function.

Specific Objectives

Types of information included in the report:

  • Country risk organizational structure and governance.
  • Country risk monitoring tools and reporting.
  • Country/sovereign risk ratings.
  • Country risk appetite and limits.
  • Country exposure measurement.
  • Sovereign LGD.
  • Additional questions.
  • Country risk rating exercise.


The final report was issued in April 2014, to survey participants only. This comprehensive report contains detailed findings in its 182 pages for financial institutions based in the Americas, Australia, Asia, Europe, the Middle East, and Africa. It visibly describes the most prevalent methods, tools, and decision processes used to determine leading practices. You may view a synopsis of the Country Risk Management Executive Summary (PDF) by clicking on the aforementioned link. To purchase the complete survey, please contact Rosemarie Casler, 215-446-4081 or The cost of the report is $995 for an RMA member and $1,500 for a non-member.

Institutions interested in participating in future market risk studies should contact Fran Garritt, Director, Market Risk and Securities Lending at 215-446-4122 or at

Participating Institutions

ANZ Investment Bank


Northern Trust

ATB Financial


PNC Bank

Banco Santander

Commerzbank AG


Bank Julius Bär & Co. Ltd.

Commonwealth Bank


Bank of America


Royal Bank of Canada

Bank of Ireland

Deutsche Bank

Skandinaviska Enskilda Banken AB

Bank of Montreal

First Tennessee Bank N.A.

Standard Bank


Goldman Sachs

Standard Chartered



State Street

BB&T Corp.

ING Bank N.V.

The Bank of Nova Scotia


JPM Country Risk

U.S. Bank N.A.

BBVA Compass

Macquarie Group


Bendigo and Adelaide Bank

Morgan Stanley



National Australia Bank

Union Bank, N.A.

BNY Mellon



Byblos Bank Group

Norddeutsche Landesbank

Wells Fargo Bank