Saturday, April 16, 2011

In Case You Were Wondering

Heard a little story at the gym;
Guy is doing internal audit governance at a REALLY TBTF bank. Smart guy. In that function testing samples of the population  ( and it was not specified whether this was portfolio performance, or procedural compliance, or both)  it comes back a big fail. His superior goes back to the personnel responsible for the red flags and tells them to clean it up, make them go away. Cool. Now they pass. Except, of course, the sample is now invalid, and no longer reflects the larger universe at the institution in question. Guy sends out memo pointing this fact out. You know the ending..

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