RSOs(regulatory source owners), maybe 200+, are being eliminated. The CCO and her senior leaders have been hoodwinked into believing the new platform called ENGIn will replace the judgement, experience and vast industry knowledge of RSOs. The OCC,FRB and CFPB should investigate. This all seems contrary to OCC consent order that states:
(c) Failure to fill mission-critical staffing positions for Wells Fargo
Compliance, formerly known as the Regulatory Compliance Risk Management
unit, with individuals who possess the requisite knowledge, skills, and abilities to
perform assigned duties;
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Not comical at all. For over a decade Wells compliance has failed, if not aided and abetted these schemes. NYC is the world HQ for financial services and their are plenty of outstandingly talented auditors and compliance staff from New York. Unless you’re hiding something....
As far as @4ilb+193I7K4V, you’re happy with your governor, your two corrupt senators and stepping over needles, homeless and feces in your crown jewel San Francisco? CA is New York State with even higher taxes, an unreliable power grid, mismanaged forests (kindling) and no Compliance or Audit talent. People are fleeing both states. Good luck with the deficit... we are getting tired of bailing out CA and NY.
All these comments about NYC talent...comical! About 300,000 people fled NYC and State from April to Dec 2020 bc of the lack of talent of your governor and the hellhole its becoming. NYC is a dump, full of jerks as well, as demonstrated by this thread.
The buffoons who blew the job or outright ignored the scandals naturally resist bringing in world class New York audit and compliance talent.
They should really be looking at the rest of IRM (BACO, ORBO, BCL, GIM, CIM, etc.) those folks are charged with assisting the LOBs with identifying and documenting their controls but most don't have a clue how the LOB does its work. DCO's in my experience have a big job but the rest of the compliance world are glorified data entry roles (and most aren't even good at that).
It was all shuffling papers and sharpening pencils anyway... Heaven forbid compliance catches up to the 21st century.
OP, I would think that it is long overdue, considering the lack of results, or simply the need for it. Front line should determine what needs to be done and get it done.
@2uwj+193I7K4V LOL! The useless NYers cost 50% more and drain every group in the bank they’re prevalent in.
In my group the NYC compliance staff are the problem. So. Much. Squawking. Zero Action except promoting each other.
At the risk of stating the obvious, where were the Risk, Compliance, Audit staff and RSO’s for he pas decade? We desperately need outside auditors and compliance staff from New York. All legacy Wells staff in these areas were a part of the problem and the assumption has to be that they are dirty. These shenanigans were well known, widespread and Compliance staff are paid to NOT look the other way.
CEO needs to bring in New York talent for a deep dive into these areas.
I’ve worked as an RSO; the main duties are the stuff people don’t see as in all the legwork required to stand up MRs in SHrP and all types of monitoring, reviewing reports, and chasing down various people who forgot to fill out forms but I could see this part being replaced by a different type of role. It is definitely true that quite a few RSOs don’t really know their Reg well and know even less about the business which can really cause problems if they’re challenging an MR rejection but can’t wrap their head around a rationale. That said, I think the “expertise” is similarly lacking in a lot of compliance officers so I’m not sure canning a bunch of RSOs responds to the consent order language cited below. I’ve seen compliance officers who can’t even pick up a policy to read to answer their own inane questions or have no clue how to use SHRP or understand risk management. Those people do nothing but get in the way
There are a few that add value, most don’t know enough about their regulatory set to be considered SMEs, and certainly don’t know enough about the products and services of WF to actually apply any knowledge they do have. This was inevitable, some will be moved to other roles of decent, but I think many will be displaced. The elimination of the role will have minimal impact due to the creation of a much smaller number of roles (librarians I think?), the dispersement of the “knowledge” responsibility previously executed by the RSOs to the business aligned compliance teams, and the general uselessness of the majority of RSOs in the first place.
I don’t think ENGIN will be that great either to be clear, but the idea that getting rid of the RSOs runs contrary to any regulatory communication we’ve received seems like it may be a self-serving statement from an RSO on the chopping block.
"requisite knowledge", that's rich. RSOs don't have it, not in my area anyway. They've never done the tasks themselves, worked at the sites, documented anything, created the documents, or written the manual. Other than that, they are experts! Maybe in other groups, but in my neck of the woods they do NOT have requisite knowledge.
- 9% of companies in the world have never heard of, nor need, Regulatory Source Officers.
It’s not a job you can find anywhere on earth but at Wells Fargo
I don’t know what is more surprising...that we have roles called Regulatory Source Owners or that there are hundreds of them
I think wells has a role for every noun in the English directory
Good, I have never seen a Company with as many worthless compliance people that add little to no value.