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Amy Edmondson

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Gary Cohn

Gary Cohn

As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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Klaas Knot

Klaas Knot

Klaas Knot is President of De Nederlandsche Bank and is the Chair of the Financial Stability Board. He is also a member of the Governing Council and the General Council of the European Central Bank, member of the European Systemic Risk Board, member of the International Monetary Fund's Board of Governors and a member of the Board of Directors of the Bank for International Settlements.

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Axel Weber

Axel Weber is the past-Chair of UBS and the past-President of the German Bundesbank and a member of the European Central Bank Governing Council from 2004 to 2011. He is a member of the Group of 30.

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GCRA: Acting the Part

GCRA: Acting the Part

by Tamara Scicluna, Stephen Scott

Sep 18, 2020

Thoughts

Australia Culture & Consequences Regulatory Trends Culture Assessments Behavioral Science Duty to Prevent Innovation & Technology Innovative Approaches Hayne Royal Commission 3LoD

Australians are asking why it should take Royal Commissions, withering media reports, shareholder activism and litigation before boards and senior leaders recognise that issues of Governance, Culture, Remuneration, and Accountability (GCRA) represent material business risks.

Non-financial risk management in the financial services sector is managed according to a Three Lines of Defence (‘3LoD’) model. This model seeks to manage risk through restrictive policies, processes, systems, and record-keeping, and to apportion accountability for such among front office business leaders (1st Line), supported and overseen by risk and compliance staff (2nd Line), with assurance coming from the internal audit function (3rd Line).

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