CFOs Anticipate Rising Volatility and Reveal Uneven Preparedness as 2026 Approaches

Published: December 09, 2025

Senior finance leaders are preparing for a year of heightened foreign exchange volatility and liquidity pressure in 2026, yet many acknowledge their organisations are not fully equipped to manage the challenges ahead, according to new research from Alpha Group, a Corpay, Inc. company.

The report, Countdown to 2026 – Risk Management Insights, draws on the views of 200 senior finance professionals from mid- to large-sized companies. It reveals a growing divide between awareness of financial risk and the effectiveness of the systems, governance, and leadership support in place to mitigate it.

Almost two-thirds (63%) of respondents expect FX market volatility to increase next year, driven by ongoing uncertainty around inflation, interest-rate policy, and geopolitics. More than half (51%) of larger organisations identify liquidity and cash-flow risk as their top financial concern, suggesting the effects of volatility are now being felt well beyond the markets themselves.

Despite this, oversight of currency risk remains inconsistent. More than half (51%) of large companies do not have FX policy embedded at board level, and almost one in four medium-sized firms continue to manage exposures on an ad-hoc or reactive basis. Without stronger governance and board accountability, Alpha warns, many businesses could face avoidable exposure as conditions tighten. Indeed, just over half (53%) feel confident in their ability to manage future risks.

Leadership engagement also plays a decisive role. One in three respondents (33%) said limited buy-in or investment from senior management has a significant impact on the effectiveness of their company’s FX risk management. Technology and forecasting capabilities are another concern. Although ERP and treasury systems are increasingly adopted, 89% of organisations do not systematically stress-test their FX forecasts against potential market shocks. Many continue to rely on spreadsheets and manual processes, constrained by resource limits, lack of expertise, and system integration challenges.

David Swann, Global Director of Partnerships at Alpha Group said “The research highlights a clear pattern: finance leaders are aware of the growing risks, but many lack the structures and systems needed to respond with confidence.

When volatility builds, the organisations that will be best placed to handle it are those that treat risk management as strategic, embedding responsibility at board level and investing in the technology and data needed to make faster, better-informed decisions.”

Countdown to 2026 – Risk Management Insights is based on proprietary research conducted by Alpha Group, gathering responses from 200 CFOs, Treasurers, and Financial Controllers across companies employing between 50 and more than 1,000 people.