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Two Common Misperceptions About Risk Management

Richard M. Steinberg | March 17, 2015

As a business executive or board member dealing with risk management, you may have heard of the so-called “lines of defense,” or sometimes the “three lines of defense.” If you’re intimately involved with risk management, you’ve likely been bombarded with these models.

Well, one risk management consultant reportedly called them “asinine.” I’m thinking that’s a reasonably accurate appraisal.

I’ve been hearing about lines of defense for a decade or more, first in Europe and then in the United States. So far, for the most part, I’ve held my tongue. But as we see more and more dialogue around the concept, it’s time to say what needs to...

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