We just got another slap from the regulator after spending billons of dollars on RCSA (in phase 1, phase 2 and chicken dance we were doing before Phase 1). The program is nowhere close to being wound up and costs are still being incurred at eye watering levels on low value admin and tick box testing. The cost of controls people alone is close to a billion dollars a year. N8 used to boast about this billion dollar dumpster before he was fired - which is exactly what needs to happen to all the other 5000 people in that team.
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Phase 1 and Phase 2 were complete waste of time and effort. Classic example of the "Emperor Wears Clothes" scenario. FAKE SCIENCE.
My lord the arrogance of the high brow RCSA azzes correcting an honest mistake.
Risk
Control
Self
Assessment
My lord the laziness and ignorance of the employees. Google searches work wonders.
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Risk
Compliance
Self
Assessment
We were hit with an AML finding per very vague language in an email from Derek Flowers.
https://www.cnbc.com/2024/09/12/wells-fargo-cannot-expand-into-certain-high-risk-areas-without-permission-regulator-says.html
What is RCSA? And which regulatory thing did we mess up this time?
Link?
Asset cap ain’t coming off folks. This bank has gone to the dogs.
Ha, Ha