Three lines of defence are key to compliance in 2024
Companies shouldn’t let a challenging economy undermine compliance, risking commercial and reputational damage.
Sheree Howard, Executive Director of Risk and Compliance Oversight at the FCA, reiterated the need for three lines of defence in risk and compliance, adding that a “separate but cohesive” approach was vital for robust risk management in a difficult economic climate.
In January 2024, Ocorian and Bovill Newgate commissioned an independent survey on the three lines of defence in risk and compliance strategies. Our research findings have been compiled into a three-part report, examining the integration of these strategies into anti-money laundering (AML), compliance, and governance infrastructure, exploring the hows and whys.
Fill in our form to download all three parts of our report below:
Take a look at our research findings as they become available below:
Three lines of defence are key to compliance in 2024
Why a robust risk and compliance strategy is more important than ever to unlock value.
Alternative fund managers face growing threat from money laundering risks
Alternative fund managers are concerned about the growing threat they are facing from money laundering risks.
Rising anti-money laundering risks highlight need for three lines of defence
Our findings reveal that financial crime teams are under resourced, and this is creating additional risk to firms.
Alternative fund managers face rising compliance risks and need to invest
Almost 88% alterative fund managers believe the level of compliance risk will increase over the next two years.
Alternative fund managers step up focus on governance as two-thirds are hit by fines or sanctions
Our findings show that respondents expect to see their organisation increase their focus on governance over the next 24 months.
Compliance & regulatory services
- Anti money laundering (AML)
- Compliance monitoring
- Regulatory reporting
- Regulatory health checks
- Data protection & GDPR services
- Financial crime
- Board evaluation services
- Compliance consulting
- Regulatory authorisation support
- Regulatory hosting services
- Compliance & regulatory training
Get to know Ocorian & Bovill Newgate
Bovill Newgate is a subsidiary of Ocorian and a specialist financial services regulatory consultancy with a global offering across the UK, the Channel Islands, Singapore, Hong Kong, Mauritius and the Americas. We help our clients meet complex and evolving regulatory obligations, providing certainty and peace of mind.
We help businesses create robust frontline processes and procedures (line one), and work with you to create a comprehensive oversight function (line two). As businesses grow, we can advise on the level of oversight needed to demonstrate a risk-based approach to local and global regulators. We also carry out audits of your risk and compliance functions (third line) on a variety of matters for clients. We have been supporting firms globally for over ten years whether it’s the first, second or third lines of defence they need assistance with.
Speak to the experts to learn more about our risk and compliance offering:
Joe French
Managing Director - UK
Alison Dodd
Head of Sales - Guernsey
Cilla Torode
Head of Relationship Management - Guernsey