Control function

From The Jolly Contrarian
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People Anatomy

A spotter’s guide to the men and women of finance.

Dramatis personae: CEO | CFO | Client | Employees: Divers · Excuse pre-loaders · Survivors · Contractors · The Muppet Show | Middle management: COO · Consultant · MBA | Controllers: Financial reporting | Risk | Credit | Operations | IT | Legal: GC · Inhouse counsel · Docs unit · Litigator · Tax lawyer · US attorney Lawyer | Front office: Trading | Structuring | Sales |

The sainted people who, because they are paid purely to worry themselves about whether the sky will fall in on our heads, are short an asymmetric option, in that if they let something through and it makes bags of money, they’ll see and get credit for none of it, but if it blows up in the Salesperson’s face, they’ll get fired for it while the Salesperson will feign (entirely genuine) ignorance.

Among others, the following:

And of course, the control function’s control function, the good offices of internal audit.