The origins of Fourth Line
Source Of News
By Joel Ronchi, COO, 17th March 2022
People often ask, “where did the name ‘Fourth Line’ come from?”
The answer is simple….
The name derives from the “Three Lines of Accountability” compliance and risk management model.
This model results in a more proactive monitoring and management of compliance risk issues as they arise.
The Three Lines of Accountability include:
* the business (Line 1), which is accountable for managing compliance risk,
* risk management (Line 2), which provides oversight and challenge, and
* internal audit (Line 3), which performs independent assurance activity.
The FOURTH LINE (Line 4) provides a comprehensive, transparent, objective, independent, and consistent risk management approach which combines the nuances of human oversight with the complexity of machine learning and artificial intelligence.
This unique blend of technology, independence, transparency, and consistency creates an environment of collaboration between licensee and adviser.
The Fourth Line advice risk management and compliance tool provide ‘real time’ oversight to licensees through its beautiful simplicity and analytic rigour.
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Fourth Line is a rigorous RegTech risk management and compliance system for advice practices, dealer groups and other wealth management participants. Fourth Line uses algorithmic approaches to simplify the complexity in advice reviews whilst maintaining human oversight, empowering compliance teams to coach and develop strong advice behaviors through data driven insights from advanced analytics for adviser, practice/dealer group and industry benchmark comparison with centralised document storage and access to meet regulatory needs.
For information email: info@fourth-line.com.au
