When will the OCC take over Audit? Next year? 2023?
If it happens, they’ll take over the Board first. That’s step one. The OCC has to be able to rely on audit’s work but major issues and delays with progress keep popping up.
Same people involved even after attempting to wipe out the old audit regime. It’s a can’t win scenario.
They need a minimum, 3,000 people in audit to attempt track along with all the poor decision making occurring at the moment.
Audit made the mistake of bringing in someone that had the perception that auditors weren’t working enough hours or being tough enough.
Far from the truth. So, now they are in the cycle of “hey, let’s get new people with new ideas”. Now the “new people” are trying to figure out what is going on and they didn’t have time to understand the environment around them.
They will fail and then new people will come in. It’s a viscous cycle of not a whole lot going on. Professional monitorers that monitor an environment they don’t understand. Layers of old decisions baked into new decisions that few fully understand.
Nothing has been fixed. They are proving that we are too big
Audit made the mistake of bringing in someone that had the perception that auditors weren’t working enough hours or being tough enough.
Far from the truth. So, now they are in the cycle of “hey, let’s get new people with new ideas”. Now the “new people” are trying to figure out what is going on and they didn’t have time to understand the environment around them.
They will fail and then new people will come in. It’s a viscous cycle of not a whole lot going on. Professional monitorers that monitor an environment they don’t understand. Layers of old decisions baked into new decisions that few fully understand.
Nothing has been fixed. They are proving that we are too big
Audit is never going to competent or credible until we recruit Experienced NYC auditors. We just don’t have competent auditors here in San Fran. It’s dramatically becoming a serious issue. We can’t hire baristas from Starbucks and Tellers and automagically make them auditors.
I thought they cleaned up the mess in Aufit after the regs removed the previous guy.
Audit is beyond repair . The front lines have cleaned up a lot. The second line .. still trying. Audit: not bothering . The IT audit is the biggest joke. No technical skills. Copying and pasting last years’ report on AMP.
Huh?
Look up who is responsible for monitoring progress with the consent order work...
They aren’t “new”. 20+ years with WF. Director level. Same ole. Moving slow as molasses.
You got the asset cap because you weren’t taking the feedback seriously enough and moving way too slow.
After numerous leadership changes you still aren’t taking it serious enough.
Can risk identify its own issues? No? And it appears not. Too big. Too much politics. Inadequate backgrounds. Your buddy hired you?
Get ready for them to break this bank up. Audit can’t be fixed. They’ve tried. Numerous times. Lipstick on a pig. They still don’t get it. Smoke and mirrors.
That 3,000 figure is outrageous. And several senior leaders in audit have left since 2016. What issues and delays are you referring to that would lead the OCC to taking over audit?
Auditors are paid well here compared to other corporations. Those who are average performers with just 6+ years of experience are easily making 6 figures. Managers and above are very comfortable.
3,000?! Hahahaha. Oh my god. Whatever.
It always makes me wonder why members of the most important function of public companies are so underpaid. It takes a lot of knowledge and experience to become good at auditing. The profession is regulated and with an with liability including orange jumpsuit (maybe not at WF but some industries). Yet the pay offered is pathetic. Is it to ensure Re fruiting with poor skill levels to avoid reporting of material findings?