14 Apr 2023
Time to put the 3 lines on a diet?
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The effective management of non financial risk dominated discussions at the XLoD Leaders’ Network in New York, which was hosted by 1LoD recently. In the ideal model, attendees said, most of the risk and control resources would be concentrated in the 1st line, with oversight and audit provided by much leaner versions of the 2nd and 3rd lines respectively. These 2 lines should provide a different level of oversight and challenge to the monitoring and testing done in the 1st line, but in reality there is considerable duplication.