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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jaclyn Jaeger2020-07-29T16:42:00
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.
One significant change in the newly revamped model is the elimination of the word “defense” in the title. Now simply called the “Three Lines Model,” the name change reflects one of the principal criticisms of the old model, which was primarily that it focused too heavily on defending against risk, rather than focusing on value creation and prospectively managing risk.
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News and analysis for the well-informed compliance or audit exec.
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2021-02-01T14:00:00Z By Jaclyn Jaeger
Compliance Week caught up with Anthony Pugliese, the incoming president and chief executive officer of the Institute of Internal Auditors, to discuss his plans for the future of the IIA and the internal audit profession at large.
2020-09-28T19:07:00Z By Jaclyn Jaeger
A look at results from a joint survey from Compliance Week and Workiva reveals companies could benefit from a deep dive into the IIA’s new Three Lines Model, especially in light of the recent pandemic.
2020-08-10T18:16:00Z By Jaclyn Jaeger
In the wake of drastic updates to the “Three Lines Model” for managing risk, IIA President and CEO Richard Chambers catches up with Compliance Week to discuss the changes, how COVID-19 has impacted the internal audit profession, and more.
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A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
2024-07-15T16:45:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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