Conducting Enterprise Risk Management with the Three Lines of Defense
Duration: 38 Minutes
Presenter: Patrick Edwards, Enterprise Risk Officer, Centennial Bank
In this session, Patrick Edwards from Centennial Bank shares his experience in conducting enterprise risk management with the Three Lines of Defense.
The Three Lines of Defense represent an approach to providing structure around risk management and internal controls within an organization by defining roles and responsibilities in different areas and the relationship between those different areas. In this model, management control is the first line of defense in risk management, the various risk control and compliance oversight functions established by management are the second line, and independent assurance is the third line. Patrick elaborates on how his organization uses this approach to conduct their ERM program.