Looking back at a look forward

Each January, On the Board’s Agenda contemplates the risks and opportunities boards could face in the coming year. As we think about the outlook for 2025, it’s useful to look back at our previous look forward. In the 2024 outlook, we identified five discrete matters that boards were likely to face during 2024. The items were focus areas, not an exhaustive list. After all, it’s not possible to list all risks boards could face in any year. As we close out the year, it’s worth considering their impact on boards.

This edition of On the Board’s Agenda reviews the key risks and opportunities that boards faced in 2024, emphasizing the importance of an enterprise risk management approach. As we end this year, we expect the array of risks and opportunities faced by boards in 2025 will resemble what they confronted in 2024. However, due to the dynamic governance landscape, we also expect the nuances around these issues will evolve. The developments of 2024 highlight those risks—whether they be geopolitical, technological, or regulatory—may not always fit into distinct categories. For boards, there could be value in keeping the interconnected relationships of these issues top of mind. Boards that adopt a more integrative oversight approach could be better positioned to navigate the increasingly complex business landscape.