Governance and Board Accountability
How the Chief positions the compliance function in the three lines of defence and demonstrates effectiveness to the board.
1st Line — Operational management
The business areas, which own and manage risks.
2nd Line — Compliance
The function led by the Chief Compliance Officer, with functional independence.
3rd Line — Audit
Independent audit, which assures the effectiveness of the whole.
The Chief reports to the board
Reporting lines, indicators and accountability are the heart of the leadership grade. The Chief demonstrates effectiveness to the board with auditable evidence.
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