Two new position papers by the Institute of Internal Auditors (IIA) highlight the way corporate governance is maturing in line with rapidly emerging risks. The documents focus on the Three Lines Model of governance and on enterprise risk management (ERM) and set more ambitious parameters for collaboration between multiple governance functions, including compliance.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...