We have all been under some circumstances in our entire life where we must have to risk ourselves or something very precious to us to attain a desired altitude. Risk taking is as essential as staying healthy for all of us but nobody talks about managing these risks. This is the utmost importance of the hour to teach students and also learn as adults the art of managing risks. Students are provided assignment writing services but are still unaware of risk management as a necessity. BookMyEssay has got you all students or working professionals covered by explaining the key pointers about risk management. We ensure you to provide the finest advice possible therefore we have attained knowledge from the best of professionals about risk management all around the globe.

The Expertise Possessors have Differentiated it into Three Different Lines of Defense ; First Second and Third. Further Information is Provided Below:

  • First Line of Defense: the first line of defense is referred to the departments engaged in trading and sales. This department leads from the front by managing the business risks involved in their activities. Let us understand with an example; a department of trading and sales is involved in business activities within predetermined limits if they find out any issue or bug in the transaction or any other business related issue, they make sure to address it.


  • Second Line of Defense: the second line of defense refers to the departments engaged in risk management. This department’s primary job is to design creative frameworks that can deal with any kind of risk and thus can manage it on its own. This supports the first line of defense to ensure risk managing abilities mentioned in the above point. This line of defense also acts as a method of checks and balances for the first line by keeping an eye on them and monitoring risks independently.


  • Third Line of Defense: this mentions about the internal audit. The function of this audit is to review and then provide consultation that is constructive because of its independence, objective position and aim towards contributing the value adding factors to help the organization grow operationally through frameworks that also includes risk management.

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