How Fourthline became fourth line of defence for fintech startups

▤ Summary

The most common organisational principle in risk management is called the ‘three lines of defences’. It is especially followed by banking and financial institutions to strengthen their business processes. The first line of defence is the management or primary owners of the day-to-day operations while the second line of defence is control functions such as compliance and risk. The third line of defence is the internal audit function, which assures that the efforts of the first and second line of defence are consistent. What would you get if you wanted to add a fourth line of defence?

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