Finance Leaders Anticipate Rising Volatility but Reveal Uneven Preparedness as 2026 Approaches, Alpha Group Research Finds

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Key Terms

foreign exchange financial

Foreign exchange is the process of swapping one country's money for another’s, like exchanging dollars for euros when traveling. It matters because it determines how much your money is worth in another country, affecting prices, investments, and international trade. This system helps businesses and governments buy and sell across borders smoothly.

FX financial

fx stands for foreign exchange, the system of buying, selling and converting one currency into another. For investors, fx matters because changes in exchange rates can raise or lower a company’s reported sales, costs and profits when business crosses borders—like how the same amount of money can buy more or less abroad—so movements in fx can affect earnings, valuation and investment returns.

liquidity financial

Liquidity is how easily and quickly an asset or investment can be converted into cash without losing value. It matters to investors because higher liquidity means they can access their money quickly if needed, while lower liquidity can make it harder to sell assets promptly or at a fair price, potentially creating financial challenges. Think of it like trying to sell a common item versus a rare collectible—it's much easier to sell the common item fast.

stress-test technical

A stress-test is a simulated examination that measures how a company or financial institution would cope under severe but plausible adverse conditions, such as sharp drops in revenue, market turmoil, or higher interest rates. Like loading a bridge with extra weight to see when it bends, the exercise reveals weaknesses in capital, cash flow and risk controls that investors use to judge the likelihood of losses, regulatory intervention, or the need for more reserves.

12/09/2025 - 08:35 AM

LONDON--(BUSINESS WIRE)-- 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.

Countdown to 2026 – Risk Management Insights

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.

The full report is available to download at: https://www.alphagroup.com/countdown-to-2026-report/.

About Alpha

Alpha is an award-winning global provider of financial solutions, empowering some of the world’s most respected organisations. Combining deep expertise with cutting-edge technology, we help organisations around the world manage their financial market risks and banking activities more effectively and efficiently. Today we are proud to be part of Corpay, Inc. – a global Fortune 1000 company and S&P 500 member listed on the New York Stock Exchange (NYSE: CPAY).

Our specialist teams are available to support on all of the challenges raised in this report. To find out more, or speak to a member of the team, please visit www.alphagroup.com or email communications@alphagroup.com.