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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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