Summary of the NACD "Beyond the Numbers (Panel): How Audit Committees Are Preparing for the Future"

Beyond the Numbers: How Audit Committees Are Preparing for the Future

Background: Drawing upon the insights of the American Board’s Audit Committee Blueprint, a collaborative effort with KPMG and NACD, this panel discussion will delve into the strategic navigation of pertinent topics by directors, leveraging their rich experiences.

Summary: The consensus among the panelists is clear: a robust generalist business acumen, complemented by specialized expertise, is indispensable. They unanimously recognize the value of engaging with both external and internal specialists to fulfill their multifaceted responsibilities effectively.

As the dialogue progressed, it became evident how these seasoned board members integrated cyber risk considerations into their Audit Committee's purview. They discussed the implications of cyber risk on their broadening oversight roles and its intersection with their ESG (Environmental, Social, and Governance) objectives. This is in conjunction with managing the esc…