CFA Institute Systemic Risk Council Publishes 2025 Annual Report

WASHINGTON, D.C. – March 2, 2026

The 2025 Annual Report of the Systemic Risk Council outlines the Council’s important work to identify and address emerging threats to global financial stability. In a year marked by market volatility, geopolitical unrest, and rapid innovation in financial technology, the need for clear, independent analysis of systemic risk remains essential.

The Council’s mission is to provide practical, policy-focused recommendations that strengthen the resilience, transparency, and oversight of the financial system. Throughout 2025, members engaged with financial thought leaders, regulators, and international standard setters on key issues, including risks in nonbank financial intermediation, leverage and liquidity vulnerabilities, operational resilience, global conflicts, and the implications of digital assets and artificial intelligence for financial markets.

This report summarizes the Council’s priorities, policy recommendations, and global outreach, reinforcing its role as an independent voice focused on promoting a safer, more stable financial system.

SRC 2025 Annual Report – read the full report

About CFA Institute Systemic Risk Council
CFA Institute Systemic Risk Council (Council) is a private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to global systemic risk, with a particular focus on the United States and Europe. It has been formed to provide a strong, independent voice for reforms that are necessary to protect the public from financial instability. The goal is to help ensure a financial system in which we can all have confidence. CFA Institute Systemic Risk Council was formed by CFA Institute and The Pew Charitable Trusts in June 2012 to monitor and encourage regulatory reform of U.S. capital markets focused on systemic risk. CFA Institute became the sole supporting organization in August 2015. The statements, documents and recommendations of the Council does not necessarily represent the views of the supporting organization.