My boss has been MIA for almost three weeks every morning. He says hes in a RCA or RCSA that supposedly happens every year. What are these meetings for? Are they a coverup for something else more sinister like layoff planning? Who gets to go and where are they? Hes in Hudson Yards.
Are they gorging on food or really playing golf? Any insight into these Pseudo-Davos like meetings would be appreciated.
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It is a massive time investment. Different areas have different levels of impact. There are different phases of RCSA and depending on whether you are on process owner, control owner or RAU owner you will either be really busy or completely out of commission for months. I'm not loving it as it is taking up so much time but, if done well, there is tremendous value in the exercise. The lack of controls and documented process is directly aligned to the nonsense that was taking place in the bank that has set us back so far.
Nothing especially relevant is going on. Mid/low level managers will jump through a million hoops in a panic and eventually it will end (for this round), meanwhile the front line won't even know anything even happened. Terribly important, eh? The biggest risk a big bank faces is their OC doing stupid things, and this process won't handcuff those mo--ns, so what's the point?
RCSA done correctly is a tension filled workshop that can right many wrongs. The OP makes it sound like the Bohemian club in Northern California
It sounds like you are one that needs a downsize. If you are that clueless about what is going on, there is no hope for you.
It's what happens when senior "leaders" are intolerable to listen to. It's only fair, they don't give an S what we say, why should we care what they say?
I swear where are these people, under a rock? If you don't know what RCSA is, you haven't attended a single line of business or horizontal town hall in 2-3 years.
Not quite everything is about layoffs.
It's a thing. Most likely due diligence for other companies buying parts of WF, disguised as risk management. But yeah, it's a thing.
Yes it's real. Where have you been? RCSA (Risk and Control Self-Assessment) workshops have bee the focus of the bank for over a year now. When your group/RAU is going through workshop it can be 3-4 weeks of intensive meetings and work. Then followed by Review & Challenge board which they must pass.