We have like 4-5X the headcount the other large banks do for Risk. In addition we've spent billions paying outside consultants for the last 5-6 years just on addressing Risk issues alone. What's the deal with this place exactly. Is it just political theater? Regulators who need to put on a show and dance? has the risk org become so bloated and they've just created a ton of red tape and processes to secure their jobs and build little empires? How many CRO's does this place have?
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Worked in tech control for three years doing silly EBCE testing . The money was OK but the work was a complete joke . We basically tested the same things over and over again and raised some low risk issues .
I worked in Risk and believe me if it were to lose any money for Wells it was like shut up sit down and go away. Risk what a joke so glad I no longer work here.
I'm in a front line risk group - we waste so much time and energy from BS requests from Audit and IT&V... complete waste of time and energy - and in no way reduces or helps manage the risk. Where was audit and all these testing groups when all these scams Wells was running on our customers?
Tech control ends up winning all awards - the bo--y prize for the least effective , the also ran award, and also this only a process not a control award, and so on.
Tech control is a bit ubfortuNate in that most people have no tech background to question clueless clients . On rogue client who was in ICS and not just moved to CTO would openly say tech control was confused on processes and called them controls . But he was rogue and the tech control guys happily agreed !
@oon
You have zero clue, be gone troll
The legacy culture still exist and the business still rules the enterprise. Risk and compliance have no status regardless of what Charlie or Flowers says. Control and certain areas of risk are in bed with the business. No wonder why the regulators are concerned..
The answer to all of these questions is that we are just too big to manage.
They are replacing and/or people with all of the knowledge are leaving. The systems and connectivity processes are so complex that you have to have significant experience/history to fully understand how systems work together. Managers and higher don’t understand complexity AND there is absolutely no documented training for non-front line jobs. We are overloaded with develop you compliance training, but the real info is in long term employees’ heads.
The problem is the people who actually do the work don't know the rules they have to follow. Are they bank, are they brokerage, is it OCC, FINRA or SEC? And basic things like licenses and registrations aren't followed - the very key education that teaches you what risks there are in this industry. Managers don't manage and they definitely don't train for anything outside of their individual silo even though we all have to follow Enterprise polices.
Technology risk in particular is the most bloated, entitled, and useless bunch I have ever worked with. they operate from the old time perspective that they are our parents that tell us what to do when they don’t realize their job is to just consult. I have had to teach people that are in our risk organization what policies are relevant to the work that we do.
Each of the technology division control—oh excuse me, BCM teams all have a different perspective on with their job even is. And none of them are right
Yep. Almost 4,000 people in Compliance.
Bloodbath coming. Partially due to headcount. Partially due to ineffectiveness with so many people.
Our overly risk-adverse culture is itself a risk. When the safest course of action is to do nothing, then "nothing" is what gets done.
It’s circular really, the bank insists on bending the rules at any given chance and their only way of showing compliance is pointing to all those people.
People wouldn't keep uncovering our crimes if they'd just stop looking 😭😭😭
Don't forget freakishly cumbersome, incompetent, ineffective, self-righteous, arrogant, and aimless. Full disclosure...I work in Risk.
How long before half of them gets laid off?