Boards are likely to become more engaged in risk
governance in order to reshape bank risk culture and to
review business strategies with a sharper focus on risk
controls. Boards could be more emboldened to challenge
management, particularly regarding risk appetites, and
document their recommendations for regulators. It is also
expected that they will interact more with staff below
the executive level, to ensure the tone at the top is well
reflected in the firm’s culture.
As cyberattacks increase in numbers and sophistication in
2014, the industry should continue its efforts to secure
its systems, and increase the focus on issue escalation
and governance. Developing mature cybersecurity
management will likely be a primary goal for large and
small banks alike. To achieve this goal, boards and
senior management should be better informed and
more actively engaged in strengthening the bank’s
cybersecurity infrastructure and process