Those in Risk will recall that at the start of September we were told an external firm had been brought in to assess the planned new reorg, with an initial timeline of six weeks. I heard yesterday from a well connected source that this assessment is taking longer than expected and is unlikely to be completed within the original six week window. From what I was told, the scope includes assessing regulatory impacts and related risks etc. As a result, it’s likely the new Risk reorg will be pushed to next year, both because of the delay and to avoid friction around Black Friday, Christmas, and year‑end peaks. This is based on a single source, so treat it as indicative rather than confirmed.
8 replies (most recent on top)
@rw anyone with common sense would close the Risk department immediately as we are not even close to AML compliance. KYC is a Joke in PP...
@OP The risk org is so sus now that outside company probably doesn’t even know where to start. So many changes so often means very few people are really properly trained for what they do. When risks are called out everyone is basically told to try to find a way to give leadership whatever they want so they stay happy, hit goals, and execs get their high dollar bonuses. All it’s going to take is one semi smart auditor to come in for things to go south.
I'm not surprised. Risk is a total Mess. For years there where new managers in quick succession, each one with his own vision, new Flags, new processes, new everything. After a few months later the next one, same story again. Orgs where changed several times, then special projects such as Moonwalk and other failures.
The system we are using is not fit for purpose, it actually breaks AML law consistently, because it can not 100% filter out bad passports. I see daily what passports the system approves and I'm shocked.
In my view they need to start from scratch on whiteboard, and I think that is a good reason for the delay.
McKinsey would have had this wrapped up by now, this new firm is taking its time.
The senior leaderships understanding of risk is as much as a horse's understanding of theory of relativity which is basically zero. Meanwhile the risks keep multiplying behind the scene!
@ag can't help but laugh at this but it's really not far off the truth 😂
Alexa, look at these employee metrics and give me a list of 12,000 people to lay off with a legal reason for each person. make no mistakes
rumour is these external firms aren’t really giving the answers they were hoping for…