Select the correct statements according to the third line of defence:

1. Develops centralised policies and standards
2. Develops risk management processes and controls
3. External audit gives assurance on the financial statements
4. Implement controls to mitigate risks
5. Monitors and reports on risk
6. Own the risk management process
7. Promotes strong risk culture
8. Provides an independent and objective challenge to the levels of assurance provided by business operations and oversight
9. Responsible for the day-to-day management by risk-takers
10. Sets risk appetite and defined risk
11. Validates processes in the risk management framework.

Choose the correct option:

Select one:

a. III IV, VI, X and XI

b. III, VIII and XI

c. I, II, VIII and IX

d. I, III, V and VII