Bringing Back Best Practices in Risk Management: Banks' Three Lines of Defense
Tuesday, 23 June 2009 | 
Risk - Research
"Bringing Back Best Practices in Risk Management: Banks' Three Lines of Defense".
Charles Teschner
Dr. Peter Golder
Thorsten Liebert
Many financial institutions have had horrific losses over the past 18 months. A variety of largely exogenous factors have been blamed for the losses, such as ownership structures and incentives, rating agencies, and the absence of effective market pricing for some products. However, we contend that at a small number of banks, a focus on basics actually prevented many losses. In particular, they benefited from a strong risk culture combined with a sharp focus on three effective lines of defense: top management and the front office, the risk management function, and audit. These lines of defense, staffed with capable individuals imbued with a strong sense of risk awareness, are at the heart of effective risk management.
http://www.booz.com/media/file/Bringing_Back_Best_Practices_in_Risk_Management_LO32.pdf
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