The Institute of Internal Auditors (IIA) last week unveiled a modernized version of its widely adopted “Three Lines of Defense Model” to reflect the evolving role of risk management and to encourage greater collaboration between business functions in a way the previous model did not.
The new model, unveiled July 20, was the culmination of a robust effort that began last year, headed by a core working group of governance experts and led by IIA Senior Vice Chair Jenitha John. The working group relied upon the vast experiences of an additional 30-member advisory group, as well as public comments. Additionally, the project included a comprehensive review of governance approaches from around the world.
