Ponemon Survey: The Imperative to Raise Enterprise Risk Intelligence
While Risk Management is a “Significant” Commitment for Organizations, 76 percent of Enterprises Lack a Holistic Strategy, and over 70 percent are in the Dark about their Critical Assets and Vulnerabilities
RiskVision, in collaboration with the Ponemon Institute, is pleased to share the results of a global Enterprise Risk Intelligence survey examining organizations’ state of risk in their environment and their approach to risk management. Among the most significant findings was three-quarters of organizations lack a comprehensive risk management strategy. The biggest fears for organizations were long-term damage to brand and reputation (63 percent), followed by security breaches (51 percent) and business disruption (51 percent), and intellectual property loss (37 percent). Conducted independently by the Ponemon Institute and sponsored by RiskVision, the survey examined 641 individuals involved in risk management activities within their organization, with 56% in executive and management positions.
Other key findings in this study include:
The majority (52 percent) of organizations lack a formal budget for enterprise risk management
Lack of resources (44 percent), complexity (44 percent) and inability to get started (43 percent) represent the top three barriers to risk management goals
With respect to managing risk across the enterprise, 53 percent describe the working relationships between finance, operations, compliance, legal and IT as “operating in silos,” with little collaboration between departments
69 percent of organizations don’t rate assets based on their criticality
69 percent of enterprises either don’t have metrics for determining risk intelligence effectiveness or are not sure
Of the organizations that had a formal budget dedicated to enterprise risk management, 58 percent said they planned to spend between $1 million and $5 million on risk management solutions in the upcoming fiscal year
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