Banking Audit Committee

Timely Support Helps Audit Committees Be More Effective

The audit committee plays a crucial role in every bank. In addition to meeting corporate governance and regulatory compliance responsibilities, audit committee members frequently are called upon to help in a decision-making capacity to support the bank’s strategic planning and ongoing operational management activities. 

Because we recognize the critical importance of an effective bank audit committee, Crowe Horwath LLP offers committee members timely updates, extensive thought leadership, and practical insights that can help them do their jobs more effectively.

Drawing on deep knowledge from experienced industry specialists, Crowe hosts a quarterly bank audit committee webinar series, publishes frequent and timely articles on topics of industry concern, and offers in-depth guidance and expertise regarding the current critical issues audit committee members must address.

What Should Bank Audit Committees Be Focused on Today?

Rigorous regulatory scrutiny makes compliance with AML requirements a critical audit committee issue. Crowe helps committee members stay informed on the latest regulatory developments, and better understand the complexities of AML compliance so they can provide strong governance and effective controls.

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The impact of the new Financial Accounting Standards Board (FASB) standard for estimating expected credit losses extends far beyond accounting and financial reporting alone. Crowe professionals work closely with audit committee members to help them evaluate the far-reaching consequences of this new credit impairment approach.

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With the proliferation of new technology platforms and an increasingly complex regulatory environment, audit committees often struggle to supervise their banks’ IT risk management efforts. The Crowe cybersecurity team offers both a comprehensive suite of solutions and valuable guidance and insights to help committee members better address these demanding and highly technical issues.

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Successful stress testing requires extensive coordination across all business lines as well as numerous internal functions including finance, treasury, risk, credit, and IT. Crowe helps audit committees provide crucial guidance and decision-making capabilities as they manage this technically challenging process.

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Today’s banks are exposed to increasing levels of risk from an ever-growing array of third-party relationships and transactions. Crowe risk management specialists can help audit committees optimize their banks’ third-party risk management programs, offering solutions, technology, and above all, knowledge and insights into this demanding area of responsibility.

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Banks rely on sophisticated models to monitor and manage business and regulatory risks across the organization and to perform supervisory mandated stress tests. Crowe brings together industry expertise, innovative technology solutions, and experienced professionals to help committee members operationalize and manage their banks model risk.

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