Typically includes both the risk management and compliance teams of an organization. Some organizations also include the finance team in 2LoD (as they focus on financial control), and the product control teams, who create and manage controls around new and existing financial products. Key responsibilities for the second line include:

  • Developing and maintaining an independent view of the organization’s operational risks, controls, and tolerances
  • Providing quality assurance – including direct challenge – around the organization’s implementation of the operational risk framework in its day-to-day practices
  • Creating and updating operational risk policies, standards and guidelines
  • Contributing to and reviewing operational risk reporting
  • Training the organization on operational risk
Popular resources

You may be interested in

News
3 mins reading time

Acin adds Kate Joicey-Cecil, Chief Client Officer, to the management team to further develop long-term, trusted client partnerships. 

News
March 27, 2023

Acin named as finalist for RegTech Partner of the Year at the British Banking Awards 2023

Acin named Best Operational Risk Management Partner by CFI
News
March 21, 2023

Acin named Best Operational Risk Management Partner by CFI

Discover more