As you may be aware, The Institute of Internal Auditors (IIA) have released a revised and evolved “3 Lines”.

We all represent one of these lines in this model of management.

Originally focused on risk management and assurance, the model is no longer just about “defense” (or “defence” depending on which side of the Atlantic you are), but about creating value by managing objectives, navigating both risk and opportunity, as a collaborative endeavor (endeavour) and incorporating the key management concept of “risk informed decision making”.

The new Three Lines model clearly delineates roles and responsibilities of the governing body (The Board), as well as executive management, operational leaders and internal audit. These roles are not limited to risk management but focus on the overall governance of journey of the organisation towards it’s objectives.

But some have argued that there needs to be much clearer boundaries for audit to ensure its independence and the objectivity of its staff. However, the refreshed model clearly emphasises that “independence does not imply isolation”, encouraging collaboration and communication across the lines.