Corporate risk has been reorging for two years now now that the Executive Control Group is formed what's going to happen to all the risk people in all the separate divisions?
Thoughts?
4 replies (most recent on top)
It's pretty sad when I find out more about my own employer by reading sites like this than I do from my own management. We're going through massive reorgs in risk right now, just moving the deck chairs around again with no actual process improvement.
With the sloppy risk controls Wells has, you need several layers of control. Yes the front line will be rebuilt which will be some people absorbed into the second and third lines moving back to front line. the goal is to choke Wells from be long able to quickly respond to client requests. When revenue drops from lack of new business and clients moving to competitors, another round of layoffs will happen. It’s what the regulators want as punishment for consumer abuses.
Corporate Risk is still hiring and M. Roemer wants to continue to build. Ultimately the front line will have controls and testing in it, then a second line with testing and then WFAS. Do we really need three layers? How much do all these cost centers cost and when will the Board or shareholders wake up?
All the risk group ever did was push papers all day long with haphazard inaccuracy. Whatever name or group you call it they never or will ever accomplish anything important.