To understand risk in any financial product or service, you need to understand how that risk came about. In investment banking, financial risks are created, managed and controlled. When bankers, traders, brokers and analysts shape primary markets for equities and secondary markets for securities, they also create financial risks. Despite increased regulation, as well as banks' greatly increased investment in risk control and compliance functions, there is a lack of systematic knowledge about how regulation and control systems affect practical risk-taking. To increase our understanding of how financial risks are created, we need to study investment banking practices in terms of risk-taking and risk control, and especially how these relate to each other. With an "inside-out" approach, we will investigate what and how the rapidly growing risk control and compliance functions within investment banking organizations (different types of banks) affect the risk-taking of the same organizations. Through mainly ethnographic observation, the study will investigate 1) If, how, and why risk-taking (by mainly bankers and traders but also brokers and analysts) is affected by the increasingly extensive risk control systems. 2) How the production of risk within investment banking affects risk-taking by other actors within and outside the financial sector. The expected results of the study have significant relevance for the financial sector, for financial consumers, and for regulatory and supervisory bodies.