Which of the following are requirements of a strong governance structure?

I. There are first, second, and third lines of defense.

II. The first line of defense is the business line.

III. The second line of defense is independent from the first line.

IV. The second line of defense is owned by the audit function.

V. The third line of defense is owned by the business.

a. I and II only

b. I, II, and III only

c. I, II, and IV only

d. I, II, and V only