This is the time for a well-developed, well-embedded and well-operated enterprise risk management framework and processes. It is not a time to throw away risk management thinking. It is a time to bring it into action.
The Institute of Internal Auditors has revised its widely used Three Lines of Defence model. Notably, the model is no longer focused on defence – recognizing the growing understanding that risk is an opportunity, not just a danger. There is also a new focus on culture dynamics and how they relate to frontline engagement, in a much-needed effort to address the key obstacles holding risk management programs back.
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