08 Jul 2022
Time to reset the 1st line risk & control function?
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Banks are struggling to stay ahead of change, even with the 3 lines of defence model and sophisticated layers of checking, monitoring, assurance and challenge. That was the main message from one of the keynote speakers at 1LoD’s recent Deep Dive on the 1st line risk and control function. Surprises like Archegos, the accidental wiring of almost a billion dollars continue to happen and illustrate the enormous complexity of operational and process risk in banking.