What it asks for. Cryptographic keys must be established and managed according to defined requirements for key generation, distribution, storage, access and destruction.
In practice. Doing this well means a key management standard, central key management services or hardware security modules for sensitive keys, defined key lifetimes and rotation, separation of duties for key custodians and procedures for compromise. Auditors expect the standard, key inventories, rotation records and access controls on key stores. ISO/IEC 27001 cryptographic key management sets similar expectations.
Common gaps. Keys and secrets are often stored alongside the data they protect or embedded in code. Many organisations cannot list all their keys and certificates. Key custodians may also leave without a handover. Rotation is also frequently postponed indefinitely because nobody knows what would break.