General Studies · Risk Governance and Internal Controls
In the Three Lines Model of risk governance, which of the following functions is primarily responsible for providing oversight, specialized expertise, and objective challenge to those who directly manage and own risks?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Internal audit, which provides independent and objective assurance on the overall effectiveness of the framework.
- 2Risk management and compliance functions that monitor the adequacy and effectiveness of risk-taking activities.✓
- 3Operational management, which designs and executes the internal controls within business processes.
- 4The governing body, which sets the strategic direction and risk appetite of the organization.
Correct answer
Risk management and compliance functions that monitor the adequacy and effectiveness of risk-taking activities.
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