How FNZ is improving the foundations of a three lines of defence model

It is no secret that regulators around the world are becoming increasingly tougher on financial services companies. There is an unrelenting level of regulation being drafted and fines are hitting eyewatering sums. A report from Finbold pegged fines for non-compliance with AML, KYC and data privacy regulations at a total of €12bn in 2020.

Introduction and Explaining the Problem – Insider Threat

The 53rd World Continuous Auditing & Reporting Symposium
Presenter: Mark J. Nigrini
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Episode 003: Dan Renoux and Petros Gionis from Recreo

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Introduction to Operational Risk and Resilience (FRM Part 2 2023 – Book 3 – Chapter 1)

For FRM (Part I & Part II) video lessons, study notes, question banks, mock exams, and formula sheets covering all chapters of the FRM syllabus, click on the following link: https://analystprep.com/shop/unlimited-package-for-frm-part-i-part-ii/

*AnalystPrep is a GARP-Approved Exam Preparation Provider for FRM Exams*

After completing this reading you should be able to:
– Describe an operational risk management framework and assess the types of risks that can fall within the scope of such a framework.
– Describe the seven Basel II event risk categories and identify examples of operational risk events in each category.
– Explain characteristics of operational risk exposures and operational loss events, and challenges that can arise in managing operational risk due to these characteristics.
– Describe operational Resilience, identify the elements of an operational resilience framework, and summarize regulatory expectations for operational Resilience.

Internal Audit – The Third Line of Defense

The Three Lines of Defense has become a well-established model in organizational risk management. This session is designed for internal auditors, control officers, risk managers, and members of governing bodies to explore the role of the internal audit function from within this framework and help improve their organization’s risk management approach.

Upon completion of this program, participants will be able to:
*Identify the risk management roles of governance, management, and internal audit in the Three Lines of Defense model
*Explain the three interconnecting roles in a risk management strategy
*Design an environment of aligned roles and responsibilities to help improve their organization’s risk management effectiveness

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