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

Author

Listed:
  • Hoes, Renata

    (Chief Compliance Officer, MLRO and Data Protection Officer, MFEX, Luxembourg)

  • Gehlert, Karin

    (Financial Crime Compliance Professional, Luxembourg)

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.

Suggested Citation

  • Hoes, Renata & Gehlert, Karin, 2019. "The evolving role of compliance: How companies need to enforce their three lines of defence to protect the business," Journal of Financial Compliance, Henry Stewart Publications, vol. 3(2), pages 158-170, December.
    • Handle: RePEc:aza:jfc000:y:2019:v:3:i:2:p:158-170
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    More about this item

    Keywords

    Three Lines of Defence Model; compliance; Danske Bank scandal;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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