The evolving role of compliance: How companies need to enforce their three lines of defence to protect the business

Renata Hoes and Karin Gehlert
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Renata Hoes: Chief Compliance Officer, MLRO and Data Protection Officer, MFEX, Luxembourg
Karin Gehlert: Financial Crime Compliance Professional, Luxembourg

Journal of Financial Compliance, 2019, vol. 3, issue 2, 158-170

Abstract: Despite the increasing legal and regulatory requirements for financial institutions within the European Union, scandals surrounding compliance and corporate governance failures are continuously being revealed. Apart from significant fines and monetary losses as well as reputational damage for the concerned organisations, such scandals lead to pressure on legislators and international (supervisory) bodies to again further increase regulatory requirements. This paper describes the Three Lines of Defence Model within organisations in connection with the Danske Bank scandal and outlines key principles that can serve as the basis to strengthen the compliance environment and culture within organisations to prevent major scandals.

Keywords: Three Lines of Defence Model; compliance; Danske Bank scandal (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2019:v:3:i:2:p:158-170

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