The Audit Committee (AC) is one of the core board committees and plays a critical function in ensuring greater governance oversight, accountability, and transparency. In today’s complex and evolving business environment, the AC’s oversight role has grown more expansive, needing them to understand the current and emerging issues better and apply a more proactive risk-based approach to effectively discharge their mandate.
In our efforts towards strengthening committee roles, ICDM would like to bring together all AC chairmen and members in this networking session to not just discuss the issues and challenges they face or share good practices and experiences amongst each other, but to also pre-empt each other on the potential areas which others may not have a look into.
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The Audit Committee (AC) is one of the core board committees and plays a critical function in ensuring greater governance oversight, accountability, and transparency. In today’s complex and evolving business environment, the AC’s oversight role has grown more expansive, needing them to understand the current and emerging issues better and apply a more proactive risk-based approach to effectively discharge their mandate.
In our efforts towards strengthening committee roles, ICDM would like to bring together all AC chairmen and members in this networking session to not just discuss the issues and challenges they face or share good practices and experiences amongst each other, but to also pre-empt each other on the potential areas which others may not have a look into.
The prolonged pandemic has disrupted the business environment and operations and the way the people work and interact within and outside the organisation. Decisions needed to be made quickly with limited information, almost everything needed to be done and shared online. Even the business models may have changed to cater to the unprecedented crisis. It is perhaps timely to take a fresh look at the AC’s agenda and workload, prioritising those that may be critical:
- Assurance. With rising risks, ACs are now asking Management to enhance their stress-test risk assessments, conduct scenario planning and strengthen the crisis protocols. Are the existing governance structure and controls providing comfort to the committee, and if not, what areas need to be refreshed?
- Digital. Does cyber risk require more attention at the entire board level, or perhaps a different board committee? Does the current AC composition have the technical capability to look into this area?
- Terms of Reference. Beyond financial reports and related control risks, the AC is also expected to oversee a range of other risks, including data governance, ESG, supply chain, third party risks, anti-bribery & corruption, health & safety, etc. Has this prompted a review of the AC’s Terms of Reference, and how should the committee work together with Risk Committee (RC) in identifying and managing these risks?
- ESG Oversight. Where do oversight of ESG Metrics and reporting/disclosures belong? Have AC members proactively taken the time to understand stakeholders' priorities and the company’s material ESG issues and make these areas a permanent agenda item?
- Future-Ready. What other areas AC should keep their radar on for this year, especially in mitigating the impact of COVID-19?
We will discuss these critical areas at the networking session under the Chatham House Rule. To ensure continuous support for the AC community, we will also set up an AC Network at the end of the session. More information on the Network will be shared then.
Speakers
