Effective Product Control

Preface

In 2003 I was working in a Dutch bank in a high rise overlooking the picturesque Sydney Harbour, when another junior external auditor sat beside me to review my work. This was the third new auditor in as many years and as they struggled to grasp what it was I did as a job, their lack of understanding generated in me mixed feelings of frustration and empathy for the person.

Their lack of knowledge wasn't their fault; product control is difficult to understand for an outsider and sending junior staff in to test controls is the model many audit firms use to carry out their audit assignments. Nevertheless, that exchange generated an idea to help close the gap between new auditors and product controllers and their more experienced colleagues.

Over the past 14 years I continued to work in product control in both Sydney and London, developing more experience, skills and friendships, which together have finally made possible the writing and publication of this book.

Due to the large numbers of sales and trading teams within banks, they remain the largest employer of product controllers. We will, therefore, aim the narrative of the book towards banks, but the content can also be applied to other contexts in which product control operates, such as hedge funds and corporate treasuries.

Whether you are embarking on your career or have years of experience in the field, this book will equip you with the building blocks necessary to be an effective product controller or effective ...