Toward a Future-Proof Product Control Function

The product control (PC) department, the in-house guardian of data and information in an investment bank, shoulders a crucial role by ensuring the integrity, completeness and accuracy of all trading profit and loss (P&L) positions and related finance data. Given the breadth of responsibility that the product controllers have — including working closely with traders to understand their trading strategies and risks — they can be billed as the unsung heroes of this sector. But the growing complexity of the products traded, rogue trading incidents and prudential valuation recommendations of the Financial Service Authority (FSA) and the European Banking Authority (EBA) have spotlighted PC’s roles and transformed them from an obscure department to an important function in banks’ overall performance and reputation.