There are five common signs that a financial institution might be purportedly “adopting” the three lines of defense, yet might not be living the three lines of defense in practice. If a financial services firm is exhibiting one or more of these signs, it may be time for an intervention at the C-suite or board level.
With sufficient clarity of thinking, management drive, and determined execution, the three lines of defense can be transformed from “words to live by” to a functional bulwark that can protect the business in good times and in bad. But to be truly effective, the model needs to evolve as the business evolves.
Mark Abrahamson, a London-based principal, and George Netherton, a London-based principal in Oliver Wyman’s Financial Services practice, on why the three lines of defense have a bad name.
#OWHealth In the News: Reimagining primary care in an era of chronic diseases via @TODAYonline https://t.co/rulBiqGcZH
Online shopping innovations need to start help people save money as well as time #retail https://t.co/EniikqxUz5
RT @OutandEqual: In preparation for the #OEsummit, our partners at @OliverWyman ask the question - "What is #inclusion?" https://t.co/te8hy…
$950 billion of food wasted pa. Our research looks at how stores &retailers can cut this & still serve customers: https://t.co/V7ohU9pmKG
What does it mean to ‘future-proof’ a charity? Watch this from @Dragon_Awards https://t.co/BMj0d5gvZk filmed by @JamCrunch with @PIPLDN
Summit Rendez-vous: Governance of #CooperativeBanks in The New Regulatory Environment October 12 @IntlSummitCoop https://t.co/PrRyZayGlw
Trust goes a long way: here’s how it can unlock $£€ millions for retailers & their suppliers… https://t.co/JGLsE8VvEm
Online #retail propositions often aim at mid-to-high-income customers, here’s how to help those on a tight budget: https://t.co/P42YcynoLB
For retailers, there are $€billions of savings to be made by working in partnership with suppliers… https://t.co/toowY9Vu0e