Enterprise Risk Management (ERM) Practice Questions - Enterprise Risk Management (ERM) - Actuaries Institute Fellowship Program Exam

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In enterprise risk management, which of the following best describes the primary function of the 'Second Line of Defence' under the Three Lines of Defence governance model?

Providing independent oversight, establishing risk management frameworks, and monitoring adherence to risk limits Direct day-to-day operational ownership and management of business risks and controls Delivering objective, independent assurance on the effectiveness of governance and internal controls directly to the Board Audit Committee Setting the overall commercial strategy and executing customer transactions within business units

Correct Answer:

Providing independent oversight, establishing risk management frameworks, and monitoring adherence to risk limits

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