Explain the Three Lines model as role clarity for risk ownership, oversight, and assurance.
The move: separate ownership, oversight, and assurance. First line The first line owns the work and the risk created by the work. It operates controls, makes decisions within appetite, documents exceptions, and fixes weaknesses. Second line The second line provides frameworks, policies, challenge, monitoring, and specialist advice. It helps management understand risk, but it does not make the business risk disappear from management's ownership. Third line The third line provides independent assurance. Internal audit should not own the process it later audits. Its value depends on objectivity, direct access to the governing body, and a clear assurance scope. Governing body…
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