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The three lines of defense model (TLoD) aims to provide a simple and effective way to improve coordination and enhance communications on risk management and control by clarifying the essential roles and duties of different governance functions. Without effective coordination of these governance functions, work can be duplicated or key risks may be missed or misjudged. To address these challenges, professional standards recommend that the chief audit executive (CAE) coordinates activities with other internal and external governance stakeholders (assurance providers). We consider survey responses from 415 CAEs from Austria, Germany, and Switzerland to analyze determinants that help to implement the TLoD without any challenges and to explore the extent of (coordination) challenges between the internal audit function and the respective governance stakeholders. Our results show a great variance in the extent of coordination challenges dependent on different determinants and the respective governance stakeholder.
One of the most critical areas of research and expansion has been exploiting new technologies in supply chain risk management. One example of this is the use of Digital Twins. The performance of physical systems can be analyzed and simulated using digital twins, virtual versions of these systems that use real-time data, and sophisticated algorithms. Inside the supply chain risk management field, digital twins present a one-of-a-kind opportunity to improve an organization's ability to anticipate, address, and react to the possibility of problems within the supply chain.
The objective of this study is to identify and assess the advantages that accrue to supply chain risk management as a result of Digital Twins' adoption into the system, as well as to identify the challenges associated with achieving those benefits. In the context of supply chain risk management, a thorough literature study is conducted to analyze the essential traits and capabilities of digital twins and how these qualities lead to enhanced risk management methods. This study investigates the essential properties and capacities of digital twins. In addition, the state of digital twin technology and its applications in supply chain risk management are evaluated, and prospective areas for further study and development are highlighted.
The primary purpose of this investigation is to provide a comprehensive and in-depth analysis of the digital twins' role in supply chain risk management through the utilization of digital twins, as well as to highlight the potential benefits and challenges associated with the implementation of digital twins. The research was carried out based on the existing body of written material and the replies of 27 individuals who had previous experience making use of digital twins and took part in an online questionnaire.
The results of this study will be relevant to a diverse group of stakeholders, including specialists in risk management and researchers, amongst others.