A majority said a risk-based approach would be more effective. Financial services comprised the largest group of survey respondents in the survey. The Ponemon Institute survey examined the views of auditors and compliance staff on the state of compliance practices. The survey showed four main inadequacies: Reliance on manual processes. Lack of centralized control. Poor communication and collaboration with departments who share responsibility for IT compliance. Poor understanding of risk management and compliance among other departments as the key barrier (65 percent). Lack of clear ownership of compliance oversight or processes.”]
Source: https://www.cuinfosecurity.com/getting-control-compliance-means-using-risk-based-approach-a-548