As companies go digital, they create new risks, such as loopholes that hackers can exploit. Companies that have already built sophisticated risk-management teams are applying their resources to find and mitigate them.
Chart: Companies with higher risk-management maturity use several transformation practices and tools to manage risks.
Risk-management maturity level | Retrain personnel | Automate processes | New tools | Reengineer processes | Redesign organization | Did not use tools |
---|---|---|---|---|---|---|
5 | 100 | 100 | 100 | 80 | 60 | 0 |
4 | 66 | 56 | 51 | 74 | 40 | 0 |
3 | 64 | 44 | 42 | 78 | 48 | 6 |
1–2 | 74 | 36 | 32 | 62 | 42 | 8 |
Average | 69 | 48 | 45 | 73 | 46 | 5 |
Notes:
1Question: At a company like yours, how mature are digital and analytics risk-management capabilities? Companies rated their risk-management capabilities from 1 to 5, with 5 representing the most advanced in effectiveness and efficiency.
Question: What levers would a company like yours use to identify and reconcile risks associated with digital and analytic transformations?
Source: McKinsey Global Survey on Digital and Analytics Transformations in Risk Management, 2020
McKinsey & Company
To read the article, see “Derisking digital and analytics transformations,” January 5, 2021.