Banks are struggling to stay ahead of change, even with the 3 lines of defence model and sophisticated layers of checking, monitoring, assurance and challenge. That was the main message from one of the keynote speakers at 1st Line Risk & Control Deep Dive 1LoD’s event, which Acin co-sponsored.
Key takeaways:
- 47% of bankers polled said that the 1st line needs to change significantly
- The risk and control self-assessment (RCSA) process misses too many risks and should be revised
- 63% of bankers said that change will mean a significant rise in investment over the next three years
- Control automation is a key priority for 46% of banks polled
- Substantial organisational challenges still reduce the effectiveness of the 3 lines model
- 58% of 1st liners said their biggest worry is the increase in the scope of risks they have to cover
CEO Paul Ford and Head of Data Insights Rupal Patel contributed to the debate and roundtable respectively.
If you are interested in working with Acin to reset your 1st line risk & control function, please get in touch.