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dc.contributor.authorMabwe, Kumbiraien_UK
dc.contributor.authorRing, Patrick Johnen_UK
dc.contributor.authorWebb, Roberten_UK
dc.description.abstractThere has been growing interest in the need for financial services firms to develop and implement robust systems and structures for managing operational risk. While there now appears to be some consensus in terms of definitions, quantification and modelling, firms are struggling with the qualitative side of operational risk management, particularly in relation to financial institutions’ operational risk governance, where the three-lines of defence model has become standardised. At the same time, corporate scandals post-financial crisis continue to indicate deficiencies in operational risk governance. As a result, our paper examines the three lines of defence in the context of operational risk management in UK financial institutions, focusing upon roles and responsibilities and then analyses the effectiveness of the traditional three lines of defence model. We find a lack of common understanding of the lines of defence in financial institutions which is leading to duplication of roles and gaps in coverage. This is concerning for the industry, the economy and regulators.en_UK
dc.publisherInfopro Digital Services Ltden_UK
dc.relationMabwe K, Ring PJ & Webb R (2017) Operational risk and the three lines of defence in UK financial institutions: is three really the magic number?. The Journal of Operational Risk, 12 (1), pp. 53-69.
dc.rightsPublisher policy allows this work to be made available in this repository. Published in Journal of Operational Risk by Incisive Media. The original publication is available at:
dc.subjectOperational Risken_UK
dc.subjectRisk Managementen_UK
dc.subjectThree lines of defenceen_UK
dc.titleOperational risk and the three lines of defence in UK financial institutions: is three really the magic number?en_UK
dc.typeJournal Articleen_UK
dc.citation.jtitleJournal of Operational Risken_UK
dc.type.statusVoR - Version of Recorden_UK
dc.contributor.funderUniversity of Nottinghamen_UK
dc.contributor.affiliationUniversity of South Walesen_UK
dc.contributor.affiliationGlasgow Caledonian Universityen_UK
dc.contributor.affiliationUniversity of Nottinghamen_UK
Appears in Collections:Accounting and Finance Journal Articles

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