The firm Tail Hedge Overlay — the convexity desk. The CRO Risk Board's standing finding is that the binding constraint is tail stress: a small, deliberately convex protection sleeve is sized so the worst modelled crash is pulled back inside the soft loss limit. The sleeve is scenario-targeted (the worst named scenario picks the instrument), cost-budgeted (sized to a premium budget, not a fear level) and regime-timed (accumulate cheap, monetise into stress). It sizes and recommends — it places no trades.