Revisiting the Harsh Reality of Audit Fatigue: How Financial Services are Faring in 2021
A Risk Management and Compliance Research Report
In the fall of 2020, Telos Corporation sponsored the groundbreaking research report, A Wake Up Call: The Harsh Reality of Audit Fatigue, which explored the impact of burgeoning cybersecurity and privacy regulations on businesses and individuals alike. The report clearly indicated that financial services firms in particular suffer significantly under this burden.
In the fall of 2021, Telos commissioned another study of the impact of audit overload, this time taking a deep dive into the financial services industry.
As these organizations grow in size, IT security staffs are drowning in audit evidence and risk noncompliance, which can be detrimental to their organizations.
This study, commissioned by Telos Corporation in conjunction with Vanson Bourne, uncovers how financial institutions in the United States are handling the ever-increasing challenge of audit demands.
Key findings from the research study include:
- 97% of surveyed financial institutions experience challenges when working on the audit process
- 95% of surveyed financial IT security professionals report they personally dread their organization being audited
- 13: the average number of different IT security compliance and privacy regulations financial organizations must comply with
- 54: the average number of dedicated people who work on IT security compliance and/or privacy regulations
- 71: the average number of working days financial organizations spend each quarter responding to audit evidence requests
- 96% of IT security professionals believe the tools their financial organization uses to collect security data would require improvement to fully meet their needs
Learn more about the personal and organizational impact of audit fatigue in the updated report, Revisiting the Harsh Reality of Audit Fatigue: How Financial Services are Faring in 2021.