Only 30% of enterprises are mature enough to actively mitigate digital risks, although over 90% of risk leaders have them on their radar, according to an AuditBoard survey of more than 125 risk leaders conducted this spring — pointing to a gap in organizations’ ability to appropriately assess and manage these risks. Inadequate digital risk management also has implications for maintaining compliance with IT and security standards.

Many enterprises have accelerated investment in digital transformation initiatives to modernize, gain business efficiencies, and meet the demands of a dispersed pandemic environment. With this increasing digital dependence, organizations will likely need to mature their risk management and compliance programs to keep pace.

Digital Risk Maturity Report 2022: Turning Digital Risk Into Your Competitive Advantage, details how survey respondents currently undertake digital risk management at their organizations. Key takeaways include:

• Organizations’ risk management capabilities aren’t maturing fast enough.
  • 63% of respondents said they were still in the early stages of defining and assessing digital risks.
• Risk teams are struggling to generate quantifiable metrics.
  • 84% of respondents answered “no” when asked if they were using reportable metrics to effectively manage digital risk.
• Investing in risk management technology will be critical to keep pace.
  • Only 32% of businesses are using cloud-based risk management software.

Download your free copy of the report today to view the full results and see how your organization compares.