The major management challenges represent what we believe to be the areas that, if not addressed, are most likely to hamper the Board's and the CFPB's accomplishment of their strategic objectives. We identified these challenges by assessing key themes from our discussions with management and our knowledge of the agencies' programs and operations.

The Board's major management challenges, in order of significance, are as follows:

• Strengthening Organizational Governance and Enterprise Risk Management
• Managing Workforce Planning and Updating the Human Capital System
• Enhancing Cybersecurity Oversight at Supervised Financial Institutions and Service Providers
• Remaining Adaptable While Supervising Financial Institutions
• Ensuring That Physical Infrastructure Effectively Meets Mission Needs
• Modernizing Information Technology Systems, Services, and Operating Models
• Ensuring an Effective Information Security Program
• Evolving With Financial Sector Innovations
• Leveraging Artificial Intelligence to Enhance Mission Delivery
• Wind-Down of COVID-19 Pandemic Emergency Lending Facilities and Their Underlying Loan Portfolios

The CFPB's major management challenges will be updated at a later date.