Risk Management news

What are the three lines of defence?

Debunking terminology: the three lines of defence in internal audit

As internal auditors, we can be guilty of using our own specialist terminology. To those outside the field can be seen as technical jargon. Over a series of short articles we’re be attempting to debunk one of the most important audit ideas – the three lines of defence. 

The first line of defence

As part of a series debunking internal audit terminology, we're looking at the three lines of defence. 

The third line defence is defined by the Chartered Institute of Internal Auditors defines the first line of defence as "functions that own and manage risk". Ensuring that the first line is functioning effectively and efficiently is vital to prevent or reduce the likelihood that things will go wrong for an organisation.

Risk in focus

Identifying, assessing and managing risks to objectives is vital for the success of any organisation. The speed of change within organisations and in the wider external environment means organisations need to be alert to the most significant risks they face.

The Institute of Internal Auditors has recently completed its annual business risk survey of heads of internal audit. Whilst this survey focuses on businesses the results are applicable to organisations across all sectors.

Veritau to launch Cyber Security Awareness Week

Veritau will shortly be launching its Cyber Security Awareness Week. The campaign will highlight the risks and challenges organisations face in the digital age. With several high profile cyber incidents in the news recently we all need to be alert to the risks we face.

The fraud team have been working with our Communications Officer to prepare messages and infographics for the week. Cyber Security Awareness Week will be from 9 - 13 September.

Cyber Security Awareness Week

Veritau feature in Institute of Risk Management

Veritau’s risk management service has been featured in a recent case study published by the Institute of Risk Management. 

The Institute of Risk Management is the leading professional body for risk management and is internationally recognised for providing quality risk management education. Four of our auditors hold the International Certificate in Enterprise Risk Management qualification, with one of these officers continuing onto the Diploma stage.

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