Wells is such a feast for the fraudsters. It is now public knowledge that despite spending billions on RCSA they don’t have basic controls for opening fake accounts, fraudulent payments, missing deposits … risk management is a con here … this bank is a joke. The asset cap needs to stay and everyone who worked on RCSA - fired and fried like Charlie’s Fried Chicken
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Sure, let me Google that for you, something that you could have done yourself.
Risk and Control Self Assessment (RCSA)
Can someone please state what RCSA stands for? Not everyone here knows all the acronyms. This Bank is notorious for using them.
I was on an FST last year. What a nightmare program filled with self-centered operational risk officers. Start at 6AM and leave at 7PM. They are the I am so important that my health is in the toilet types. PwC consultants running for the hills. People forced to work on RCSA from other groups Javi g to find new jobs in lieu of being meeting note takers. The facilitators are weak as I watched the executives force them to stop for breaks and lunch. Lunch would get cold as the facilitators would push through the lunch hour like they would get a gold star by sneaking in completion of a new control suite for a risk at 11:45 instead of starting back up at 12:30 with clear heads. God what a nightmare that was.
RCSA was the worst project ever in Wells and that says a lot. There was an army of people from risk and control on those RCSA calls. Most had no clue how our business operates and lacked judgment to distinguish between high, moderate, low risk. We spent a lot of time arguing about non entities in Ho Chi Minh. Several people gave the same superficial feedback to create absurd volume of documentation that is impossible to maintain. To be fair some were honest folks who acknowledged it was all busywork set by RCSA leadership that out of control and a law unto its own. It was escalated up the chains but we got that leadership was too hysterical on this topic and not open to feedback.
The people doing RCSA most of them do not come from a control background. CB was so desperate for people they basically stole employees in various departments to get them to do the grunt work. Trust me when I say the people in RCSA aren’t qualified. The BCMs and IRMs maybe but the FST teams are not. RCSA is going to be the downfall of this bank ; trust me the people at the top all need to be fired
My management has no clue how to do my job nor what the risks associated with it are. How could they do anything to manage the risk associated with it? She is totally incompetent and spends more time and effort trying to preserve some role and relevancy by adding busywork than to actually think about risk.
Basic controls would mean that this company knows what a control is! With everything so manual - secondary controls are the only thing to rely on and that requires that people are actually double checking stuff. Lack of technology is a huge problem. The people doing RCSA are just trying to put lipstick on a pig.
The guy in control is gone
The girl in risk to go
Correcting OP just a tad: Fire the leaders who are leading RCSA, not the employees.
Most crucial: fire Charlie for spending $30,000,000,00 on a Corporate Stock Buyback rather than investing in the technology needed to provide proper risk controls. This bank is going to continue to be in the news for fraud and legal issues until they spend the right amount of money on the right technology.
In my department - most of the oversight is manual like it’s still the seventies, signed off on by admins who don’t understand the business. Anything that is electronic was prepared by tech people, who don’t understand the business, and then reviewed by our manager who is signing off on irrelevant data. It would be similar to myself attempting to design the proper risk controls for neurological surgery.
Charlie & Co think they can run this bank without engaging and involving legacy experienced employees who know the work. As long as the information flow is from the top down and not flowing both ways: we will stay under the Federal Asset Cap and will continue to fail.
NH is gone, Pat L is a JOKE, so over her head, so is the new person she hired as her lead. For the love of everything holy when will Gwen be finally fired? Methodology is sound, too many cooks and TERRIBLE program management.