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The Three Lines of Defence

Test
by

Dan Wells

on 18 September 2012

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Transcript of The Three Lines of Defence

9 MARKETING
PR 10 MULTI MANAGERS
RESEARCH 4 HELPDESKS
VANTAGE 8 STOCKBROKERS
CURRENCY
ACCOUNTS 11 FUNDS LIBRARY
FP 7 CORPORATE SOLUTIONS
ANNUITIES 5 DATA SECURITY
IT 6 COMPLIANCE 3 RISK MANAGEMENT 2 HUMAN RESOURCES 1 INTERNAL AUDIT Our first line of defence against things going wrong is our Managers in front-line operations such as Marketing, Vantage, Stockbroking, Helpdesks, etc. Managers are therefore a vital part of our overall control framework. Just as the attack and midfield in a successful football team communicates with their defence... If the ball is lost in the First Line then a Second Line of defence is in place to help give support and oversight to the effective management of controls and risks. Internal Audit form the third and final line of defence. We aren't involved directly in day-to-day operations, meaning we can look at things more independently and objectively. Our programme of risk-based audits aims to provide assurance on all areas of the first and second lines and we report our findings to the Audit Committee, Management and the Board. The Three Lines of Defence Model All first-line managers are responsible for ensuring that their departments have controls in place to prevent, detect and deal with any problems that might arise. While still involved with business operations, the second line of defence also often has responsibilities regarding monitoring of controls and helping fix any problems identified. To help ensure our business continues to operate successfully and compliantly, we adopt an approach called the 'Three Lines of Defence' model. This approach is recommended by the FSA and is used widely in financial services. It helps us segregate our responsibilities and reporting structures. First Line Second Line Third Line
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