Why do Regulators even take us seriously?
The solution is clearly more layoffs.
7 replies (most recent on top)
@de That's the problem with people in Risk, or at least many of them. They think their job is to prevent risk (which obviously isn't possible) when really their job is to help MANAGE risk. Regardless, definitely agree the controls are a mess. Hopefully the people who made them a mess will be laid off.
@be The point of risk is to prevent risk, including regulatory risk.
So it's not necessarily that we don't have enough controls, it's that we have the wrong ones, and the business is not being held accountable when they fu-k up. Incentives are everything. The people who get laid off should be the ones fu--ing up.
Let me guess another risk person saying we don't have enough risk and controls and your job is the most important thing.
News Flash: the current administration doesn't care!
Was the Big Problem the SWIFT F'up? Or just another of many?
The pendulum will eventually swing to the other side (it always does) and at some point in the future the regulators will once again have teeeth and power. WF is going to get sla-ghtered once that happens. Might be a ways down the road but it is practically guaranteed. Bring popcorn.
The regulatory agencies right now aren't being run by serious people