U.S. Bancorp, the parent company of U.S. Bank, has announced a leadership transition in its Corporate Audit Services function. Kandace Heck, the Senior Executive Vice President and Chief Audit Executive, plans to retire later this year, and Christopher Paulison will assume the chief audit executive role. The transition is designed to be seamless, with no disruption to the ongoing governance and risk management activities that underpin U.S. Bank’s operations. The board and executive leadership emphasize continuity, stability, and a strategic focus on strengthening internal controls, expanding audit capabilities, and sustaining investor and client confidence over the long term.
Leadership Transition Overview
The corporate governance framework at U.S. Bancorp has long prioritized independence within Corporate Audit Services. This independence ensures objective risk assessment and robust challenge across the enterprise. The Audit Committee of the U.S. Bancorp Board of Directors led the process for selecting the new chief audit executive, reflecting the committee’s accountability for safeguarding the integrity of the company’s financial reporting and risk management systems. In this transition, the committee’s oversight underscores its commitment to maintaining a strong, credible audit function that aligns with best practices in the financial services industry.
Christopher Paulison is slated to join U.S. Bank on September 29, bringing more than three decades of audit experience in large corporate environments and management consulting to the role. His appointment is framed around sustaining, enhancing, and expanding the existing audit foundation to support ongoing growth and to deliver lasting shareholder value. The leadership transition is presented as a thoughtful, well-planned evolution rather than a disruption, ensuring a smooth handover of responsibilities and uninterrupted collaboration with senior executives, the board, and external stakeholders.
From a governance perspective, Paulison will report directly to the Audit Committee while also maintaining administrative accountability to the CEO. This dual reporting structure reflects a governance model designed to preserve objectivity and strategic alignment with the company’s broader objectives. Senior leadership, including the CEO and the Audit Committee, stresses the importance of a leadership transition that preserves institutional knowledge while introducing fresh perspectives to strengthen risk management practices in a rapidly changing financial landscape.
Key aspects of the transition include ensuring continuity of ongoing audit programs, maintaining the integrity of internal controls across business lines, and preserving the cadence of audits and risk assessments that support regulatory compliance and financial integrity. The transition is also viewed in the context of U.S. Bank’s broader strategy to evolve its control environment, protect client assets, and sustain competitive advantage in a sector characterized by rapid regulatory developments and evolving cyber risks. The timing of the move has been carefully coordinated to minimize any operational impact and to maximize opportunities for process improvements under the incoming leadership.
In communications with stakeholders, senior leadership highlighted the core attributes that informed Paulison’s selection. These include a deep, hands-on understanding of financial services operations, a track record of leading internal audit functions through periods of significant change, and a commitment to building capabilities that align with a robust, scalable risk management framework. The board’s confidence in Paulison is anchored in his demonstrated capacity to balance rigorous audit discipline with strategic collaboration across functions, business units, and external auditors.
To offer a clearer picture of what the transition means for the organization, the company emphasizes several objectives tied to Paulison’s appointment. These include strengthening the internal audit function’s ability to anticipate emerging risks, refining audit methodologies to reflect evolving regulatory expectations, and fostering a culture of continuous improvement in the control environment. The leadership team also notes that Paulison’s experience with financial services firms headquartered in major financial centers provides him with a global perspective on risk, governance, and regulatory expectations that will benefit U.S. Bank as it continues to serve clients across diverse markets.
As part of the transition plan, the board and executives have set expectations for maintaining strong relationships with senior leadership, business line heads, and the broader risk management community. The aim is to ensure that internal audit remains a trusted partner that challenges the status quo when necessary, identifies control gaps, and supports management in designing and implementing effective remediation measures. The company’s emphasis on a seamless transition reflects its broader commitment to governance excellence, transparency, and accountability that underpin long-term shareholder value.
In sum, U.S. Bancorp’s leadership team frames this transition as a strategic step to reinforce the strength and credibility of the Internal Audit function. By welcoming a seasoned audit executive with global experience, the company signals its intent to maintain a high-performing, independent, and agile audit operation capable of meeting the demands of an evolving financial services landscape. The transition is designed to preserve the positive momentum built under Kandace Heck’s leadership while delivering continued improvement and stability as Paulison assumes his new duties.
Key elements of the transition plan, restated for clarity, include:
- A seamless handover of responsibilities from Kandace Heck to Christopher Paulison, minimizing disruption to ongoing audit work.
- Continued independence of Corporate Audit Services under the oversight of the Audit Committee.
- A reporting framework that ensures direct accountability to the Audit Committee while preserving administrative alignment with senior leadership.
- A focus on strengthening risk assessment, audit methodology, and capability development to address evolving regulatory expectations.
- An emphasis on sustaining value for clients, shareholders, and partners through robust governance and enhanced internal controls.
Kandace Heck’s Distinguished Tenure and Contributions
Kandace Heck’s appointment as Chief Audit Executive in April 2017 marked a significant milestone in U.S. Bank’s governance journey. Over more than eight years, she led the Corporate Audit Services function with a steady hand, driving efforts to strengthen internal audit capabilities across the enterprise during a period marked by rapid change in the financial services industry. The leadership and perspective she brought to the role helped position U.S. Bank to navigate complex risk landscapes, including evolving regulatory requirements, heightened cyber threats, and the integration of new digital platforms and payment technologies.
Heck’s long career in audit and accounting spans more than three decades, during which she accumulated substantial experience at prominent firms and institutions. Before joining U.S. Bank, she built a meaningful track record at Northern Trust Corporation, Goldman Sachs, and Deloitte & Touche. This diverse background provided her with insights into both the external audit environment and the nuances of internal audit within large, complex organizations. Her professional journey reflects a commitment to high standards of financial integrity and strong governance practices.
Beyond her formal roles, Heck has been an active community partner, engaging with theater organizations, public libraries, public media, and groups dedicated to improving workplace environments. Her public-facing contributions underscore an integrated approach to leadership that recognizes the importance of corporate responsibility, community engagement, and a healthy workplace culture as enablers of organizational performance.
Heck’s leadership tenure coincided with a period of substantial transformation within U.S. Bank’s risk and control environment. Under her direction, Corporate Audit Services focused on building a robust framework to assess and test internal controls, with an emphasis on credible challenge and independent assessment. The aim was to ensure that the bank’s control environment keeps pace with fast-moving product innovations, expanding customer bases, and intensified regulatory expectations. Her work helped strengthen the ability of the internal audit function to provide timely, relevant insights that inform risk mitigation strategies and strategic decision-making at the highest levels of the organization.
A central theme of Heck’s contributions was her focus on strengthening the alignment between internal audit work and the company’s broader business objectives. This involved refining audit plans to target emerging risk areas, improving the efficiency and effectiveness of audit programs, and promoting a culture of accountability across lines of business. Her leadership helped foster greater collaboration with senior management, risk committees, and regulatory stakeholders, reinforcing the credibility and reliability of the bank’s governance processes.
Her tenure also highlighted a commitment to talent development within Corporate Audit Services. She championed professional development initiatives, mentoring programs, and cross-functional exposure to broaden the skill set of audit professionals. By investing in people, Heck contributed to building a more capable, adaptable team capable of addressing evolving risk scenarios. This focus on people, process, and technology underscored a broader strategy to elevate the overall performance of the audit function.
Heck’s retirement marks the end of a chapter characterized by steady stewardship during periods of growth and change. Her leadership left a legacy of enhanced audit rigor, stronger governance protocols, and a more proactive approach to risk management. While the transition to a new chief audit executive will bring fresh perspectives, the foundation she helped construct is expected to endure, providing continuity and stability for the company’s control environment and compliance posture.
In reflecting on her impact, leadership at U.S. Bancorp has highlighted several enduring themes from Heck’s tenure. First, a culture of credible challenge—where auditors are empowered to speak truth to power without fear of backlash—has been cultivated. This culture is essential to identifying control weaknesses before they become material issues. Second, an emphasis on scalable audit practices—capable of adapting to regulatory changes and evolving risk profiles—has become a hallmark of Corporate Audit Services. Third, a strengthened partnership with management across business lines has improved the practical implementation of remediation plans, translating audit findings into concrete improvements in processes and controls.
Looking ahead, Heck’s legacy will be judged by the degree to which U.S. Bank sustains the gains achieved during her leadership, including the maturation of the internal audit framework, the integration of advanced analytics into audit work, and the continued development of a high-performing audit talent base. The bank’s commitment to governance, risk management, and control excellence remains a cornerstone of its strategy, and Heck’s contributions will be remembered as a pivotal period in reinforcing those capabilities while ensuring that the organization remains well-positioned to meet future challenges.
Her notable contributions also extended to strengthening oversight across critical risk domains, including information security, governance, risk and compliance (GRC) processes, operational risk controls, and financial reporting integrity. The integration of more rigorous testing protocols, the adoption of risk-based audit planning, and the emphasis on timely remediation of control gaps were among the highlights of her leadership. The alignment of audit activities with strategic business initiatives helped ensure that risk management remained tightly connected to client outcomes, product development, and overall organizational resilience.
In summary, Kandace Heck’s time as Chief Audit Executive at U.S. Bank represents a period of sustained enhancement in internal audit capabilities, governance rigor, and stakeholder trust. Her work laid the groundwork for a smooth leadership transition, preserving the integrity of the bank’s risk management framework while enabling a new generation of audit leadership to build on that foundation. The bank’s leadership recognizes that Heck’s dedication and achievements have positioned Corporate Audit Services to continue delivering credible challenge, value-added insights, and robust assurance in an ever-evolving financial services landscape.
Christopher Paulison: A Deep, Global Audit Background Meets U.S. Bank’s Strategic Needs
Christopher Paulison is set to bring more than 30 years of audit experience to U.S. Bank, alongside a robust background in management consulting and leadership within large financial services organizations. His career has spanned major markets and prominent firms, providing him with a broad perspective on risk, governance, and internal controls. Paulison’s appointment comes after a career that includes leadership roles at Protiviti Inc., Grant Thornton, and Ernst & Young (EY), among others, where he led internal audit engagements for top-tier financial institutions across New York, London, and other global hubs. This track record signals a strong alignment with U.S. Bank’s needs for a chief audit executive who can balance technical rigor with strategic insight.
Paulison’s professional journey began with a strong education and early career experiences that prepared him for the demanding responsibilities of senior audit leadership. An alumnus of the University of Notre Dame and Northwestern University’s Kellogg School of Management, he combines a solid foundation in accounting and business management with advanced leadership and strategic thinking. His educational background complements his hands-on experience, enabling him to lead complex audit programs while communicating effectively with the board, executives, and regulators.
In his most recent role before joining U.S. Bank, Paulison served as a managing director of financial services at Protiviti Inc. In that capacity, he led internal audit engagement teams for major financial institutions with operations in both the United States and Europe. His responsibilities included overseeing risk-based audit planning, coordinating cross-border audit programs, and delivering high-impact audit findings that informed governance decisions. Paulison’s leadership at Protiviti underscores his ability to manage large, dispersed teams while maintaining a sharp focus on risk and control optimization.
Paulison’s extensive experience extends to other highly regarded professional services firms, where he contributed to the evolution of internal audit practices within financial services firms. His work has encompassed a broad range of audit functions—risk assessment, control testing, regulatory compliance, and governance—providing him with a practical understanding of how internal controls intersect with business strategy. This background is particularly relevant to U.S. Bank as it navigates ongoing digital transformation, complex risk landscapes, and the need for resilient, scalable audit processes.
A notable aspect of Paulison’s profile is his global exposure. His leadership experiences in markets like New York and London give him insight into the regulatory and operational environments encountered by multinational financial institutions. This global perspective is valuable as U.S. Bank serves a diversified client base and operates across various geographies with distinct risk profiles. Paulison’s international exposure supports the bank’s aim to maintain robust governance practices that are adaptable to a world of interconnected financial markets and cross-border regulatory expectations.
Upon joining U.S. Bank, Paulison will report directly to the Audit Committee and will be administratively aligned with the Chief Executive Officer, Gunjan Kedia, in a structure that supports both independent assurance and strategic alignment with corporate objectives. This dual reporting arrangement reflects a governance model designed to ensure independence while maintaining close collaboration with senior leadership and business units. The expected outcomes include stronger risk assessment processes, more effective remediation tracking, and a refined approach to audit planning that keeps pace with industry developments and regulatory changes.
Paulison’s appointment is also framed around sustaining a strong audit foundation and ensuring the organization remains well-positioned to support growth and enhance shareholder value. His deep knowledge of the demands facing financial services firms equips him to lead an organization that can respond to regulatory shifts, evolving technology risks, and the need for continuous improvement in control environments. His leadership is anticipated to bring a balanced approach that marries rigorous audit discipline with pragmatic execution that drives tangible improvements in risk management.
In addition to his technical audit credentials, Paulison is expected to foster a culture of continuous learning and talent development within U.S. Bank’s Corporate Audit Services. By mentoring auditors, promoting knowledge-sharing across regions, and embracing innovative audit methodologies and data analytics, he can enable the function to deliver more insightful risk intelligence. His experience in management consulting further supports his ability to harmonize audit activities with business priorities, ensuring that audit insights contribute to strategic decision-making and operational excellence.
The combination of Paulison’s extensive audit leadership, international exposure, and a proven track record in managing complex internal audit programs aligns with U.S. Bank’s strategic priorities. The bank is moving forward with a leadership approach that emphasizes independence, accountability, and ongoing capability enhancement. Paulison’s appointment represents a commitment to maintaining rigorous risk oversight while enabling the bank to adapt to the evolving financial-services ecosystem.
A closer look at the anticipated impact of Paulison’s leadership reveals several focus areas:
- Strengthening the integration of internal audit with enterprise risk management, ensuring a cohesive approach to identifying and remediating risk across the organization.
- Enhancing audit methodologies through the use of advanced data analytics, continuous auditing techniques, and risk-based planning to improve audit efficiency and effectiveness.
- Expanding the scope of internal audit to cover emerging risk domains, including cyber risk, third-party risk management, and operational resilience, without compromising core financial controls.
- Fostering collaboration with business units to ensure audit recommendations translate into measurable improvements that support growth, customer protection, and regulatory compliance.
- Promoting a culture of accountability and professional development within Corporate Audit Services to sustain a high-performing team capable of responding to the evolving risk landscape.
From a strategic standpoint, Paulison’s leadership is expected to reinforce U.S. Bank’s governance model by providing reliable assurance that supports decision-making at the highest levels. His global experience aligns with the bank’s aspiration to maintain a competitive edge by integrating risk insights into strategy, product design, and customer experience initiatives. The bank’s leadership believes that his approach will help sustain a stable, trusted relationship with clients and investors as regulatory expectations continue to evolve and as digital innovations reshape the financial services industry.
Paulison’s appointment also signals a broader commitment to strengthening U.S. Bank’s risk-aware culture. This includes maintaining robust risk assessment processes, encouraging proactive remediation, and ensuring that internal audit remains a trusted partner to management and the board. The leadership team emphasizes that the transition is designed to preserve continuity while delivering added value through enhanced audit capabilities, advanced analytics, and a deeper, more actionable understanding of risk across the institution.
As Paulison transitions into his new role, the organization anticipates a period of collaboration and alignment with ongoing strategic initiatives. The incoming chief audit executive is expected to engage with key stakeholders across the company, including business leaders, risk managers, compliance professionals, and technology teams. This collaborative approach aims to ensure that audit insights are well-integrated into day-to-day operations, strategic planning, and governance discussions. The outcome should be a more resilient, transparent, and well-governed organization capable of weathering future challenges and capturing opportunities for growth and value creation.
Profile highlights for Christopher Paulison include:
- Extensive leadership experience in financial services internal audit and consulting.
- Successful track record in managing large, multinational audit programs.
- Expertise in risk assessment, control testing, regulatory compliance, and governance.
- Global exposure to major financial markets and regulatory environments.
- A strong educational foundation in accounting and business management.
Paulison’s arrival at U.S. Bank reinforces the organization’s commitment to governance excellence, risk discipline, and strategic growth. His leadership is expected to complement the strengths of the existing executive team and support the bank’s mission to serve clients and shareholders with integrity and confidence. The bank’s decision to appoint a well-qualified professional with global visibility and deep sector knowledge signals its intent to sustain a best-in-class internal audit function that can adapt to evolving risk landscapes and business needs.
About U.S. Bank and U.S. Bancorp
U.S. Bancorp, the parent company of U.S. Bank National Association, is a major financial services organization with a wide footprint across consumer, business, commercial, institutional banking, payments, and wealth management. The company employs around 70,000 people and reported assets of approximately $686 billion as of mid-2025. Headquartered in Minneapolis, U.S. Bank serves millions of customers across local, national, and global markets. The organization has a diversified business mix that supports its resilience and growth in a dynamic market environment.
U.S. Bank has earned recognition for its innovative digital solutions, community engagement, and commitment to customer service. Notable accolades include being named among the World’s Most Ethical Companies in 2025 and being highlighted as one of Fortune’s most admired superregional banks. These recognitions reflect the bank’s ongoing emphasis on ethical practices, responsible leadership, and excellent service delivery, which underpin its market reputation and investor confidence.
The Corporate Audit Services function plays a pivotal role within U.S. Bank’s governance framework. By maintaining independence and rigor in risk assessment, internal controls testing, and audit remediation, the function supports sound decision-making and accountability across the organization. The appointment of Christopher Paulison as chief audit executive aligns with the bank’s strategic objectives to sustain robust governance while enabling agility in response to market shifts, regulatory changes, and technological advancements.
U.S. Bancorp’s asset base, employee base, and diversified operating segments underscore the scale and complexity of the organization’s oversight responsibilities. The bank’s leadership has consistently emphasized the importance of governance, risk management, and controls as foundational to long-term value creation. As the ecosystem of financial services continues to evolve, the internal audit function’s ability to provide independent assurance and insights remains integral to maintaining trust among clients, shareholders, and regulators alike.
Conclusion
The leadership transition at U.S. Bank’s Corporate Audit Services marks a thoughtful, strategic shift designed to sustain and elevate internal controls, risk governance, and shareholder value. Kandace Heck’s retirement closes a period of impactful leadership characterized by strengthened audit rigor, credible challenge, and enhanced collaboration across the organization. Her legacy provides a solid foundation for Christopher Paulison’s arrival, bringing a wealth of global audit experience, deep sector insight, and a clear focus on strengthening the bank’s risk management capabilities.
Christopher Paulison’s appointment is framed as a deliberate move to advance U.S. Bank’s governance prowess in a rapidly changing financial services environment. With more than three decades of audit and consulting experience, he is positioned to drive continued improvements in audit quality, methodology, and capability development. His leadership is anticipated to help the bank navigate evolving regulatory expectations, emerging cyber and operational risks, and the digital transformation that underpins modern banking.
Together, Heck’s legacy and Paulison’s leadership aim to ensure the Corporate Audit Services function remains independent, effective, and closely aligned with the bank’s strategic objectives. This transition signals a commitment to robust governance, continuous improvement, and sustained value creation for clients and shareholders. As the organization moves forward, the emphasis remains on credible assurance, proactive risk mitigation, and an uncompromising focus on integrity and accountability across all areas of the business.
