Between the lines: why banks are rethinking risk management

Lloyds is not the only bank wanting to reshuffle the three lines of defence as tech risks grow

In April this year, an internal memorandum at Lloyds Bank made its way into the media, announcing a cull of 150 jobs from its risk management function, amid complaints the division had acted as a “blocker”. The reaction was noticeably divided.

Some decried the danger of subordinating risk management to the wishes of business lines – one of the mistakes that left Credit Suisse nursing the heaviest losses from the collapse of Archegos Capital Management. However, under the original news report