Part watchdog and part compass, audit committees should keep compliance in line with the bank's overall risk management strategies, industry officials said.

Most banks have audit committees, but they are used in many ways. Consultants and industry experts said in interviews this week that an effective audit committee should shine a spotlight on important regulations, push for operational changes, and work with the compliance department.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.