The purpose of this study is to provide an updated version of the widely accepted three lines of defense model (3LoD) to better apply for regulated financial institutions. The author proposes the five lines of defense model (5LoD) which consists of the existing three lines along with external...

Purpose: This paper aims to elaborate on the theory of fraud by enhancing the existing theories behind the factors that force people to commit fraud. Design/methodology/approach: The paper reviews the most commonly used and widely accepted models for explaining why people commit fraud – the...