Pros
Although everything written here can be different depending on the department, at least they are valid for the risk department. Flexibility: as long as you get your job done, it does not matter if you want to take half an hour or two hours for lunch or if you want to take a break in the middle of your day to go to the gym. If you need a day off for whatever reason you will have it. In general, there are not very strict rules, so you can ask for whatever you want to your manager. Of course, you will have to be flexible with the company as well (it is a two-way relationship).
Cons
Sometimes you have got to work very fast to get things done, and work overtime, which is not paid (and this is the flexibility from the employee to the employer).