Someone recently commented that all RCSAs must be done in person. Does anyone else have any info on this / is it accurate? It’s 2022 not 1985….
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The issue is not multi tasking- it truly shined a light on how many managers who own these areas have no clue how their areas function or even what their core risks are. Having risk and compliance people jumping in to explain what is in the PnP document (if it even exists) should not be allowed and let these managers fail.
Chuckles and Co. still thinks it is 1985 as they are telling a lot of us to “Beat It”.
On the other hand, the only Baco I know was those fake bacon bits they used to sell back in the day to put in salads.
If you took any required training, you should know what RCSA is. Apparently you paid attention. 🙄
Could someone outline what an RCSA is and what the baco does etc?? I really don’t get it and i can’t ask my boss haha
you two need to understand there is so much more than your little corner of the enterprise. They are people here in wealth/affluent areas that frankly don’t deal with this noise. There are support roles from auto to lending, etc. Asset caps impact the entire enterprise but that doesn’t mean 50% of people reading this thread have direct knowledge or are even remotely involved. Every single person at Wells has been told to mitigate risk like your career depends on it. It doesn’t mean they are clueless overall. Try not to be such a holes.
@pmd considering I don't even work in a department that's remotely tangential to anything to do with the consent orders?
Yeah, I must be a huge drain on the bank. Probably why I got a great review and raise last year.
Lol at 2 decade employee. You should be fired, as people like you are a huge part of the problem as to why this is taking 4+ years so far and we are still not even close to target.
Risk Control Self Assessment
There should be 1 in place.
RCSA is not a Hail Mary. It is a requirement. Every major bank does and has been doing it for a long time. Regulators require it. Regulators told Wells Fargo to get it together in order to lift the asset cap. Wells hasn’t done it so the cap remains.
And totally agree, if you don’t know what RCSA is at this point then you haven’t been paying attention at all.
I’ve commented this before and I’ll say it again. RCSA is Charlie and teams Hail Mary to get the asset cap lifted. It all centers around forming a self assurance risk framework.
The problem is you’re tasking people with little to no risk or control experience to set this stuff up. It’s gotten so bad that itv is basically performing the rcsa stuff itself.
It’s actually alarming that people in this thread don’t know what it is because that means the front lines still aren’t taking it seriously
WTAF is RCSA?
Do you find the rcsa helpful?
Ummm...
This is all based on a self assessment from the front line. They restarted. Good for them for catching the failure.
It’s going to get far far worse when someone independent takes a peak.
It’s not all the front line’s fault. Compliance is beyond repair at the moment. They are wrecking everything. This “BACO” role. Omg. Get ready for fireworks. Not going to be pretty. Paula D will be ok. Clearly, this is her last role.
Be worried. RCSA is the top reg priority and if this one does not work WF could be done as currently constituted.
Considering as a 2+ decade employee I have no idea what RCSA stands for, I'm not worried.
How long does this take?
Who is Apollo? A person? Place? I start in this space soon so catching up to speed
Even if someone is the only person located in that state? Wouldn't video be the same? How odd
This is like the kiss of death for any hopes to limit RTO to less than 3 days a week then.
Yep, I’ve heard the same from senior leadership in Compliance. Apparently some of the deficiencies in the previous effort are being blamed on RCSA participants not being sufficiently engaged. Solution? Lock everyone in a room with no distractions for marathon sessions until they get it right. How will this guarantee it’s right? Ummm….
RAU owners/ process owners/ facilitator/ IRM/ business aligned control are in person. There’s wiggle room for more invites. Feedback from Apollo was too many ppl were multi tasking