Three lines of defence a struggle, say op risk heads

Separation "theoretically perfect" but "practically, hugely flawed" says UBS's Hunt

Three lines of defence
Three lines of defence: flawed in practice

Most large financial firms employ the 'three lines of defence' model for operational risk management, but the model is confusing for risk managers at best and counterproductive at worst, delegates at OpRisk Europe heard on June 14 and 15.

Sam Lee, head of operational risk for Europe, the Middle East and Africa at Sumitomo Mitsui Banking Corporation, said the standard model had actually held some firms back from embedding operational risk frameworks. Specifically, he said the efforts of some

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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