First line of defence dominates third-party risk management
1LoD survey finds 86% of control functions think they have sole responsibility for vendors
First-line risk and control teams in the banking sector overwhelmingly believe they have sole charge of managing third-party risk in their organisations, a survey has found.
“My answer is that it’s absolutely the first line that has to be responsible, with second line providing credible challenge,” says a technology executive at a large US bank. “For those institutions that are not as mature and
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