Top Risk Concerns

More than two-thirds of respondents ranked data privacy as one of their top three concerns
Additional risk areas that ranked as a top-three issue included information security and data breaches (59%), data quality (37%) and regulatory compliance and inquiries (25%)
90% of data privacy professionals have experienced increased data-related risk due to hybrid work environments
77% of data privacy professionals said data breaches have become more expensive in the last year
76% experienced a significant or moderate increase in regulatory activity over the past year
Only 26% reported that they had a fully proactive approach to monitoring compliance risks; however, 75% of risk and compliance professionals are regularly or occasionally using AI to conduct proactive compliance monitoring, IP remediation and other risk management activities

Information Governance Challenges

41% of respondents stated that data is being shared on devices and through systems that are not sanctioned or covered within the organization's policies
More than 70% of respondents with information governance responsibilities said the cost of maintaining strong information governance has grown more expensive over the last year
76% of information governance decision makers reported that the increased use of collaboration tools and cloud-based applications has created significant or moderate information governance challenges (one-third indicated "significant")

Dynamic Data and Emerging Data Sources

85% said the rising variety and volume of data types are driving increased cost or risk, with one-third of those saying the increases have been "significant"
For more than half, the complexity of data sources — and the cost and effort associated with accessing, collecting and producing data for disputes and investigations — has increased
66% of chief legal, compliance and risk respondents plan to invest in technology to address risks from emerging data sources

Impacts of Advanced Technology

Only 6% are not considering any blockchain and digital assets solutions
44% are considering blockchain technologies for supply chain issues, while another 38% are considering them for payments and transactions
Most respondents are not taking meaningful steps to prepare for the risks associated with blockchain and digital assets; yet 78% said that they are concerned about volatility, regulation and other related risks
91% of chief technology officers and chief financial officers agree that risk management related to blockchain and digital assets requires highly technical expertise

Jake Frazier, a Senior Managing Director and the global leader of the Information Governance Privacy & Security practice within FTI Technology, said, "When effective policies, strategies and infrastructure are in place, there is tremendous value to be mined from corporate information. The stakes are high, but once organizations establish resilience against digital risk, they can begin to leverage their data to drive growth and innovation."

FTI Consulting Survey: Ops and Compliance Implications To Intensify Across All Aspects of Digital Insights and Risk Management

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