In the rapidly evolving landscape of financial governance, 2024 proved to be a year of monumental shifts. From the accelerated adoption of generative AI to increasing geopolitical instability, the challenges faced by auditors, CFOs, and other financial professionals have never been more complex—or more critical.
During our recent MindBridge webinar, “2024 Risk Recap: Major Events and Emerging Risks for 2025,” industry veterans Ernest Anunciacion and Mike Levy delivered actionable insights to help financial leaders navigate these uncertainties. Below, we’ve highlighted key takeaways from the session and why addressing these insights today can significantly shape your organization’s success tomorrow.
2024: A Year of Transformation
Reflecting on 2024, both speakers agreed: the year was defined by transformational change. Generative AI, in particular, emerged as a game-changer, with organizations across industries—from tech startups to traditional enterprises—exploring its potential. While this technology creates efficiencies, it also introduces new risks, including governance challenges, third-party vulnerabilities, and cybersecurity threats.
“Every audit today is, to some extent, an IT audit,” Levy emphasized. This sentiment underscores the need for audit professionals to adapt their methodologies, deepen technical expertise, and prepare for an increasingly interconnected and automated future.
Emerging Risks to Watch in 2025
Financial professionals must prepare for these critical risks in the year ahead:
Generative AI Governance
While many organizations cautiously experiment with generative AI, others have integrated it into core business processes. This wide variance in adoption highlights the need for robust governance frameworks to ensure ethical use, mitigate third-party risks, and monitor compliance with rapidly evolving regulations.
Cybersecurity Escalation
Cybersecurity remains the top concern for organizations globally. With the average dwell time of cybercriminals in an environment exceeding 270 days, internal audit teams must focus on proactive detection, incident response, and recovery planning.
Regulatory and ESG Pressures
Both the SEC’s climate disclosure rulings and emerging ESG mandates in global markets signal increased regulatory scrutiny. Organizations need to strengthen sustainability reporting, apply rigorous audit methodologies, and educate stakeholders about the importance of accurate data governance.
Talent and Skills Shortages
Retaining skilled professionals in areas like IT, audit, and risk management remains a challenge. Forward-thinking leaders are diversifying their teams, integrating data scientists and other specialists to address emerging risks effectively.
The Role of AI in Internal Controls and Financial Reporting
One of the session’s standout discussions explored how AI is enhancing internal controls over financial reporting (ICFR). AI tools not only streamline traditional processes but also allow financial professionals to shift their focus from compliance work to high-value strategic activities.
To help you harness these opportunities, we recommend exploring our resource: AI Meets Internal Controls Over Financial Reporting (ICFR). This white paper provides a practical roadmap for leveraging AI to strengthen financial oversight and achieve greater operational resilience.
Why This Matters Now
The convergence of disruptive technologies, evolving regulatory landscapes, and increased expectations for organizational accountability is reshaping the roles of auditors and financial leaders. As Levy aptly noted, “Never has there been a time when internal audit and risk practitioners are more essential to the success of the organization.”
The urgency to act is clear. Ignoring these shifts risks falling behind competitors, losing stakeholder trust, and facing financial or reputational damages. Conversely, those who adapt can seize opportunities to lead in innovation, efficiency, and governance.
Take the Next Step: AI in Auditing and Proactive Risk Management
Ready to dive deeper? Watch the full webinar on demand for a comprehensive breakdown of 2024’s risks and actionable strategies for 2025.
👉 Access the Webinar Recording
If you’d like to discuss how MindBridge can support your organization’s unique challenges, schedule a complimentary strategy session with one of our solutions specialists.
