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Which of the following statements incorrectly describes the concept of three lines of defense?
A
The first line is the business line, which generates, owns, and manages risks.
B
The second line is the risk managers, who specialize in the risk management and day-to-day oversight.
C
The third line is the periodic independent oversight and assurance, such as an external audit.
D
The safeguards of three lines of defense do not always work, because risk management systems always have loopholes and become obsolete quickly.
