The State of Risk Management

A Tipping Point for Digitization

Today’s risk professionals are at an important juncture. The ongoing global pandemic and its economic and social repercussions have highlighted weaknesses in enterprise risk management (ERM) and resiliency programs, in addition to placing pressure on business performance. On top of this, risk leaders are wary of the strategic risks on the horizon — especially the rapid pace of innovation and the threat of “born-digital” competitors in the marketplace in the coming decade.

A market study performed by AuditBoard in February 2021 scoured the web for relevant, reputable, and recent corporate risk-related research, and included primary research conducted by AuditBoard, where the firm asked 250 risk and audit professionals about their organization’s approach to risk management. Key findings on the state of current risk management practices are reflected in this report, in addition to takeaways from the latest insights and industry analysis regarding top risks of today and the coming decade. Opportunities found within these challenges are discussed, as well as ways to take advantage of available resources and best practices to improve overall ERM program maturity and organizational resiliency.