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08 Jun 2023
We need to talk about the 2nd line
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As news of the Credit Suisse merger with UBS was announced, one head of financial crime told 1loD, “The events of the last few weeks show just how true it is that the 2nd line can make or break the bank.” So it was surprising, to say the least, when, later, at the XLOD Leaders Network most attendees questioned the function of the 2nd line to such an extent that one attendee asked, “is the 3 lines of defence broken? Should we be just having a 1st line and audit? Because that’s actually what we need. It would be useful to reinvigorate this debate.” |