Mr. Subhashis Nath - Founder & CEO Of Global Risk Management Institute, SVP & Enterprise Risk & Compliance – Service Line Leader, Genpact. The world has turned its head over the last five decades. The fundamental purpose of MRC is to enable businesses to be resilient, agile, and future-ready. Mr. Nath further talks about, how Model Risk Code is intended to remove 6 Myths, one of the Myth being that Internal Audit (“IA”) cannot extend itself to play the role of Risk Management function, as IA is the independent third line of defense while Risk Management needs to be owned and managed by the Business - first and second lines of defense.” The playbook explains the best practices and guidelines around risk management, covering two key aspects: key principles of risk management and implementation of risk management.