as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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what is the three lines of defense model in operational risk governance, and how is it implemented?
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the three lines of defense model in operational risk governance includes business line management (first line of defense), an independent corporate operational risk function (second line of defense), and an independent review (third line of defense). this model varies depending on the bank's activities and size, but it should ensure clear accountability and effective risk management across all levels of the organization.
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