Survey Report: Enabling Integrated Risk Management With AI

Businesses are managing an unprecedented volume of risks — cybersecurity, AI, supply chain, third party, sustainability, and more — and whilst 30% still use manual tools such as spreadsheets to do so, traditional methods are quickly becoming unsustainable. To navigate this landscape, organisations need to adopt an integrated approach to risk management (also known as a connected risk approach) by connecting their key people, data, processes, and technology with the help of AI-powered GRC solutions. 

 

AuditBoard and Ascend2 surveyed hundreds of practitioners across information security, compliance, risk management, and internal audit to understand their current level of technology use, technology investment plans, the challenges and benefits of AI, and more. Some of our key findings include:

 

Teams using technology more widely report greater benefits: When multiple departments involved in risk management are using integrated technology, they report higher levels of collaboration (43% vs. 31%), data integration (44% vs. 36%), and process maturity (45% vs. 31%).

 

Most organisations plan to invest more in risk management technology: Over the next two years, 84% plan to increase their investment, with 36% expecting a significant increase. Executives expect it even more so, with 91% reporting increases. 

 

Organisations are using AI to streamline risk management: Some of the notable benefits teams have experienced include improved efficiency and time savings (65%), better data analysis and insights (64%), and increased accuracy and reliability (56%).  

 

Download your free copy of Driving Business Resilience With AI-Powered GRC to take a deeper dive into the results and learn how you can modernise your risk management processes.