Please step up for Wells Fargo. We are dying here in this virulent environment. Literally. Excessive hours worked and still have a massive workload. Can the control teams do more than just ask for updates? Can 2L focus on substance instead of nitpicking font sizes?
You have an opportunity to change the culture of the bank. It's time to put the responsibility back on the executives to manage and deliver.
Here is the plea: 1. Call DF and demand a change in the model that has thousands of people telling 5 people they did it wrong and try again. 2. Centralize and split CE functions up 3 layers to manage governance of risk at higher level and then gift the business with new employees to do the work (- the ones that don't know what a control is). 3. Make the business accountable to manage their risk.
It's a simple model and it works at every other FI. Since you all love RCSA, you do know that is a self assessment right? The business should be assessing, monitoring and testing their risk with IRM challenge based on risk of entity. You think the regulators really believe that we solved our problems by hiring thousands and spending billions? That herein is the problem. Fix the root cause and let the business do their job, Excessive oversight is a risk and is why we can't move forward.
There are so many things that should be done different but you have to be willing to change.
So in closing, this is plea for help. WF needs to change its culture and possibly its DNA. This what true leaders do. Simply, please stop being so darn inefficient. You think oversight and challenge is the answer, how is that working out? The answer is accountability, executive sponsorship, and trust. We don't need thousands of people pointing out problems. We already know, they are not identifying anything that is already not known, just making it more difficult to fix.
I can't do this anymore and will be leaving shortly, I only hope that you change for all the really good people left. Good luck.