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How to upgrade your first line of defence

The panel

  • Christophe Delaure, Senior product manager, IBM
  • David Canter-McMillan, Vice-president, Function head of operational risk, Federal Reserve Bank of New York
  • Kevin Krueger, Vice-president, Markets, Federal Reserve Bank of New York
  • Anna Hardwick, Chief control officer, Global operations, HSBC
  • Moderator: Alec Campbell, Divisional content editor, Risk.net

Front-office control functions may be still be in their infancy, but the importance of the front office in the broader control framework was recently reinforced in guidance from the Federal Reserve Board and the UK Financial Conduct Authority.

Defining the first line of defence and its responsibilities remains a challenge even within institutions employing the three lines of defence (3LoD) model. For newly created control functions in the first line of defence, there remains a focus on conduct, authorisation and demonstrating end-to-end control of sales, trading, investment banking and client-facing activities.

There is a general sense in the industry that, due to improvements in technology and greater automation and the size of the largest global banks, some of these improvements should be sped up.

Key topics discussed in this webinar include:

  • The need for front-office leadership
  • How the first line of defence has evolved and what are the new control functions?
  • Understanding the key components of the first line of defence framework
  • Co-ordinating between the first and second lines of defence
  • The technology that can be used to automate business process and increase efficiency 
  • Has there been too much focus on forcing everything into the 3LoD model?
  • Is the idea of a 1.5 – or 1B – line meaningful or useful?
  • Common mistakes in applying 3LOD
  • Do organisations still need a ‘first line’?

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