On 8 June 2023, the Financial Market Standards Board (FMSB) published a Spotlight Review and Risk Register on the 3 Lines Model. The Spotlight Review is designed to help firms in assessing aspects of their holistic risk management frameworks by using the 3 Lines of Defence Model as a lens. As such the Spotlight Review is wider than the traditional concept of the 3 Lines of Defence might suggest. Using this lens, the Spotlight Review identifies key risks and practical issues that arise in the design and implementation of risk frameworks and supporting infrastructure more generally, as well as the cultural context in which they operate. This is accompanied by a range of observations as to how firms may seek to mitigate such risks. The FMSB has also published a Risk Register which is a topical compilation of things that can, and do, go wrong. It is a source of ideas rather than a recommended ‘To Do’ list