▁extern ally ▁to ▁advise ▁clients . ▁With ▁Mi F ID ▁II ▁requiring ▁sell - side ▁research ▁teams ▁in ▁banks ▁to ▁charge ▁for ▁research , ▁the ▁business ▁model ▁for ▁research ▁is ▁increasing ly ▁becoming ▁re venue - gener ating . ▁External ▁rank ings ▁of ▁research ers ▁are ▁becoming ▁increasing ly ▁important ▁and ▁bank ▁have ▁started ▁the ▁process ▁of ▁mon et izing ▁research ▁publications , ▁client ▁interaction ▁times , ▁meet ings ▁with ▁clients ▁etc . ▁All ▁research ▁groups ▁provide ▁a ▁key ▁service ▁in ▁terms ▁of ▁advis ory ▁and ▁strategy . ▁There ▁is ▁a ▁potential ▁conflict ▁of ▁interest ▁between ▁the ▁invest ment ▁bank ▁and ▁its ▁analysis , ▁in ▁that ▁published ▁analysis ▁can ▁impact ▁the ▁performance ▁of ▁a ▁security ▁( in ▁the ▁secondary ▁mark ets ▁or ▁an ▁initial ▁public ▁offering ) ▁or ▁influence ▁the ▁relationship ▁between ▁the ▁bank er ▁and ▁its ▁corpor ate ▁clients , ▁thereby ▁affect ing ▁the ▁bank ' s ▁profit ability ▁. ▁ ▁Middle ▁office ▁This ▁area ▁of ▁the ▁bank ▁includes ▁tre as ury ▁management , ▁internal ▁controls ▁( such ▁as ▁R isk ), ▁and ▁internal ▁corpor ate ▁strategy . ▁ ▁Corpor ate ▁tre as ury ▁is ▁responsible ▁for ▁an ▁invest ment ▁bank ' s ▁fund ing , ▁capital ▁structure ▁management , ▁and ▁liquid ity ▁risk ▁monitoring . ▁ ▁In ternal ▁control ▁tracks ▁and ▁analy zes ▁the ▁capital ▁flows ▁of ▁the ▁firm , ▁the ▁fin ance ▁division ▁is ▁the ▁principal ▁advis er ▁to ▁senior ▁management ▁on ▁essential ▁areas ▁such ▁as ▁cont rolling ▁the ▁firm ' s ▁global ▁risk ▁expos ure ▁and ▁the ▁profit ability