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Explore the challenges faced by bank audit committees in 2024.

Today’s rapidly changing banking industry calls on bank boards to take a more active leadership role this year. Oversight of risk will be challenging with a preponderance of risks from industry-specific and geopolitical to new risks from the digital world, including cybersecurity, data privacy, and generative AI.

Drawing on insights from our board leadership center, we highlight seven key issues for banks to keep in mind as audit committees consider and carry out their 2024 agendas:

• Focus on financial reporting and internal controls 
• Reinforce audit quality and compliance oversight 
• Clarify climate/sustainability disclosure requirements
• Step up oversight responsibilities of generative AI
• Ensure internal audit focuses on key risks
• Target fallout from leadership/talent vacuum 
• Sharpen bank’s focus on ethics, compliance, and culture