At our fifth CAE Club meeting of the year, we explored The Institute of Internal Auditors’ (IIA) new Statement of Position on the revised Three Lines Model. The discussion brought together audit leaders to consider how the model can support effective governance in an increasingly complex environment.
Risk in Focus is an annual thought leadership research project analysing the top risks faced by organisations across Europe. Now in its 11th year, it is an essential tool for internal auditors, audit committees and boards seeking to understand the evolving risk landscape and the priorities of Chief Audit Executives (CAEs) across Europe.
The Institute of Internal Auditors (IIA) has released an updated Statement of Position: The Role of the Internal Audit Function in Enterprise Risk Management (ERM). Issued on behalf of The IIA's Global Board of Directors, Statements of Position present a modern governance framework that reflects today's organisational structures, evolving risk environments and varying levels of organisational maturity.
The refreshed Three Lines Model targets the board as the primary audience and emphasizes accountability and the unique contribution and value of each organizational role to strong governance and risk management. The model provides a modernized governance framework that is adaptable enough to be used in organizations characterized by different structures, risk environments, and maturity levels.