This study examines the risks affecting digital transformation in higher education institutions in Kazakhstan through a multi-method research approach. The investigation integrates quantitative surveys (N=4,971 students), qualitative focus groups (N=100 faculty and administrators), and expert evaluations using PEST analysis to provide a comprehensive assessment of transformation challenges. Key findings revealed that scientific and technical factors emerged as the most significant risk drivers (x[bar] = 8.25), followed by economic constraints (x[bar] = 7.62) and organizational readiness barriers (x[bar] = 6.71). Survey results indicated that while 64.4% of students perceived digital technologies as beneficial for learning, 47.8% reported difficulties with digital platform usage. Focus group interviews highlighted critical challenges in three domains: infrastructure limitations (cited by 68% of faculty), pedagogical adaptation needs (noted by 72%), and ethical implications of AI integration (expressed by 85%). The PEST analysis identified technological factors as primary risk drivers, with rapid platform adoption and data security concerns ranked highest. The study advances a comprehensive framework for understanding and mitigating both internal and external risks in digital transformation, emphasizing the need for targeted policy interventions, organizational development strategies, and enhanced institutional readiness measures. These findings provide actionable insights for policymakers and institutional leaders implementing digital transformation initiatives in emerging educational contexts.