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
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