IT Audit/Governance manager here. This is still a very common preventative/detective control in many businesses even outside of Financial Services, so much so that it is taught as part of many IT governance certifications such as the ISC2 CISSP and ISACA CISA.
Although the provenance of the control is to deter and detect fraud, it also helps to highlight key-person dependencies (where a process cannot run without a specific individual present). On the flip-side, humans are very innovative creatures and you can use this control to identify where someone has found a way to bypass parts of the process (the process time suddenly increases a lot when someone in the team is on their mandatory-vaykay, or the quality suddently drops).
I also see it used in smaller companies by bosses who want to simulate the effects of a person quitting, and how confident the rest of the team are to take over the running of a task.
Although the provenance of the control is to deter and detect fraud, it also helps to highlight key-person dependencies (where a process cannot run without a specific individual present). On the flip-side, humans are very innovative creatures and you can use this control to identify where someone has found a way to bypass parts of the process (the process time suddenly increases a lot when someone in the team is on their mandatory-vaykay, or the quality suddently drops).
I also see it used in smaller companies by bosses who want to simulate the effects of a person quitting, and how confident the rest of the team are to take over the running of a task.