Three Lines of Defence Model - Revision history

imported>Doug Williamson: Mend link.

2023-06-22T09:41:07Z

Mend link.

← Older revision		Revision as of 09:41, 22 June 2023
Line 21:		Line 21:
	*[[Financial Conduct Authority]]		*[[Financial Conduct Authority]]
	*[[First line of defence]]		*[[First line of defence]]
	*[[Four eyes ~~principle~~]]		*[[Four eyes ]]
	*[[Governance]]		*[[Governance]]
	*[[Internal audit]]		*[[Internal audit]]

imported>Doug Williamson: Add links.

2023-06-22T09:38:53Z

Add links.

← Older revision		Revision as of 09:38, 22 June 2023
Line 16:		Line 16:

	==See also==		==See also==
			*[[Audit]]
	*[[Compliance]]		*[[Compliance]]
			*[[Conduct]]
	*[[Financial Conduct Authority]]		*[[Financial Conduct Authority]]
	*[[First line of defence]]		*[[First line of defence]]
			*[[Four eyes principle]]
	*[[Governance]]		*[[Governance]]
			*[[Internal audit]]
	*[[Line]]		*[[Line]]
	*[[Model]]		*[[Model]]
			*[[Regulation]]
	*[[Risk management]]		*[[Risk management]]
	*[[Risk policy]]		*[[Risk policy]]

imported>Doug Williamson: Add link.

2022-07-05T10:55:53Z

Add link.

← Older revision		Revision as of 10:55, 5 July 2022
Line 21:		Line 21:
	*[[Governance]]		*[[Governance]]
	*[[Line]]		*[[Line]]
			*[[Model]]
	*[[Risk management]]		*[[Risk management]]
	*[[Risk policy]]		*[[Risk policy]]

imported>Doug Williamson: Add link.

2019-09-19T12:04:15Z

Add link.

← Older revision		Revision as of 12:04, 19 September 2019
Line 1:		Line 1:
	__NOTOC__''Risk management''		__NOTOC__''Risk management''.

	The Three Lines of Defence Model is designed to assure the effective and transparent management of risk by making accountabilities clear.		The Three Lines of Defence Model is designed to assure the effective and transparent management of risk by making accountabilities clear.
Line 20:		Line 20:
	*[[First line of defence]]		*[[First line of defence]]
	*[[Governance]]		*[[Governance]]
			*[[Line]]
	*[[Risk management]]		*[[Risk management]]
	*[[Risk policy]]		*[[Risk policy]]

imported>Doug Williamson: Categorise.

2018-05-02T14:23:43Z

Categorise.

← Older revision		Revision as of 14:23, 2 May 2018
Line 25:		Line 25:
	*[[Senior Managers Regime]]		*[[Senior Managers Regime]]
	*[[Third line of defence]]		*[[Third line of defence]]

			[[Category:Financial_risk_management]]

imported>Doug Williamson: Expand.

2016-11-16T11:42:49Z

Expand.

← Older revision		Revision as of 11:42, 16 November 2016
Line 1:		Line 1:
	__NOTOC__''~~Financial services - risk~~ management''		__NOTOC__''Risk management''

	The Three Lines of Defence Model is designed to assure the effective and transparent management of risk by making accountabilities clear.		The Three Lines of Defence Model is designed to assure the effective and transparent management of risk by making accountabilities clear.
Line 8:		Line 8:

	*The third line of defence is internal audit, reporting directly to the board. Internal audit reviews and reports on both the first and the second lines of defence.		*The third line of defence is internal audit, reporting directly to the board. Internal audit reviews and reports on both the first and the second lines of defence.


			The Three Lines of Defence Model is widely used in banks.

			It is also very relevant for - and widely used by - other organisations.

imported>Doug Williamson: Add links.

2016-11-13T22:22:40Z

Add links.

← Older revision		Revision as of 22:22, 13 November 2016
Line 13:		Line 13:
	*[[Compliance]]		*[[Compliance]]
	*[[Financial Conduct Authority]]		*[[Financial Conduct Authority]]
			*[[First line of defence]]
	*[[Governance]]		*[[Governance]]
	*[[Risk management]]		*[[Risk management]]
	*[[Risk policy]]		*[[Risk policy]]
			*[[Second line of defence]]
	*[[Senior Managers Regime]]		*[[Senior Managers Regime]]
			*[[Third line of defence]]

imported>Doug Williamson: Update.

2016-11-13T22:21:27Z

Update.

← Older revision		Revision as of 22:21, 13 November 2016
Line 1:		Line 1:
	__NOTOC__''Financial services - risk management''		__NOTOC__''Financial services - risk management''

	The Three Lines of Defence Model is designed to assure the effective management of risk.		The Three Lines of Defence Model is designed to assure the effective and transparent management of risk by making accountabilities clear.

	~~=====First~~ line of defence~~=====~~		*Under the first line of defence, customer facing operational management has ownership, responsibility and accountability for directly assessing, controlling and mitigating risks.

	~~Under~~ the first line of defence, operational management ~~has ownership, responsibility~~ and ~~accountability for directly assessing, controlling and mitigating risks~~.		*The second line of defence consists of independent risk management, compliance and operational risk functions, including oversight and challenge to the first line of defence. This line of defence monitors and facilitates the implementation of effective risk management practices by operational management and assists the risk owners in reporting adequate risk related information.

	~~=====Second line of defence=====~~		*The third line of defence is internal audit, reporting directly to the board. Internal audit reviews and reports on both the first and the second lines of defence.

	The ~~second~~ line of defence ~~consists of activities covered by several components of~~ internal ~~governance including compliance~~, ~~risk management, and other control departments~~.

	~~This line of defence monitors~~ and ~~facilitates~~ the ~~implementation of effective risk management practices by operational management~~ and ~~assists~~ the ~~risk owners in reporting adequate risk related information.~~

	~~=====Third line of defence=====~~

	~~Internal audit forms the organisation’s third line~~ of defence.


Line 24:		Line 16:
	*[[Risk management]]		*[[Risk management]]
	*[[Risk policy]]		*[[Risk policy]]
			*[[Senior Managers Regime]]

imported>Doug Williamson: Create the page. Source: CIIA https://www.iia.org.uk/threelines

2016-11-13T21:59:46Z

Create the page. Source: CIIA https://www.iia.org.uk/threelines

New page

__NOTOC__''Financial services - risk management''

The Three Lines of Defence Model is designed to assure the effective management of risk.

=====First line of defence=====

Under the first line of defence, operational management has ownership, responsibility and accountability for directly assessing, controlling and mitigating risks.

=====Second line of defence=====

The second line of defence consists of activities covered by several components of internal governance including compliance, risk management, and other control departments.

This line of defence monitors and facilitates the implementation of effective risk management practices by operational management and assists the risk owners in reporting adequate risk related information.

=====Third line of defence=====

Internal audit forms the organisation’s third line of defence.

==See also==
*[[Compliance]]
*[[Financial Conduct Authority]]
*[[Governance]]
*[[Risk management]]
*[[Risk policy]]