Maybe I’m not in the best chatty circles to hear anything, but I haven’t heard much recently about Corporate Risk impacts. In my opinion, this is a group that has redundant areas doing redundant things and is bloated. What am I missing?
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corporate risk would be ok if we actually handled risk. MN spends most meetings discussing diversity, with risk related topics taking up less than 10% of the call. That's what a quota hire gets you, vs someone who is qualified.
I am seeing a lot of openings coming up in Risk weekly. Is there high turnover or just a need for more people?
@1mty you must work in the business..
are there ineffective teams in corporate risk? Abosolutlye. Is it the entire org? Not at all. There's a lot of very good risk managers in the second line, and first line for that matter but at the end of the day the road blocks are because first line leadership complains about what is asked of them and someone just allows it in 2l or audit. Half the reason we have the consent orders we do now and why they won't be lifted anytime soon.
Getting rid of the second line is a non-starter for those that think they can all be laid off, would suggest you go read OCC heightened standards and see what is required of a bank of our size. Clearly you do not and have not worked in risk or compliance before. Most people in the business think risk mgmt is a joke and worthless, until they actually see examples of things that are stopped. Then the lightbulb goes off.
You suggested ..... Corporate Clowns, and Schart delivered Daley!
Wish again… you're on a roll!
Presenting the Ring Master...Mandy Norton!
Corporate risk seriously needs to rebrand itself.
I suggest ..... Corporate Clowns.
Last poster. You must be joking.
Nobody out here in the business or support functions think you guys are any good.
Our first line might be a mess, but our second line is absolutely useless and puts the bank backwards.
If all of Corp Risk was fired tomm, the bank's productivity will go up.
@uhe hit the nail on the head. Corp risk is a dysfunctional mess and they literally are not talking about their location strategy (which is in place) except for when it comes to posting for new jobs which pretty much takes care of attrition that is needed.
For those that think corp risk is bloated, you probably have never worked in risk mgmt in your life. The reason you think it is "bloated" is because the first line here is ineffective so second line (corp risk which is made up of several larger teams for what its worth) to hold things together while front line is stabilized. Once that occurs, there should be a smaller second line, but that will be YEARS. And when it does happen, more than likely those 2lod people will just move to the FL.
I worked in corp risk for the last several years and it's probably one of the worst ran spots in the bank. Seriously a huge mess, thanks MN! Anyone have any scuttle on when she's out btw? Keeping fingers crossed..
This group is so disorganized. Manual tracking of issues, archaic processes, you name it. God its miserable
So, what happens to them when the asset cap is finally lifted?
Chainsaw will cut that whole dept! that will drop the overhead costs.
The chainsaw will be coming for Risk in 2022 after the order is lifted.
What the Risk teams do does not matter. The Business Lines are still calling all the shots and tell the Risk teams when to eat/sleep/cr-p, etc. If anyone in Risk dares to tell a Business Line that what they are doing is out of regulatory compliance or published internal policy they are immediately put in their place and told, is so many non-subtle ways, to shut up. Candor is not only stifled if one practices it, that person is labeled as confrontational and lacking interpersonal skills.
They can hire and washout all the worker bees they want, for as long as Risk has spineless/rudderless leadership it is only checking a box on the org structure to show Regulators.
If you are in the know, you know. If you are not, there is no reason to get your bloomers all twisted in a bunch.
They may be losing enough people through attrition with their hub strategy and discontent with their overall mismanagement that they don't need to conduct layoffs (and likely don't want the optics given WFC's many issues in this area)
I’m in corporate risk I suppose you have a point but we are hiring a lot now , I’m just a guy who actually does the work so I have no idea what’s driving it or what the higher up people think.
They are protected by consent order mandating staff up prioritization to deal with asset cap release.