What’s next? The Control org is a mess and the employees don’t contribute and have limited control accountability. 75% of these employees need to be realigned to business functions. The remaining 25% can do RCSA and standard monitoring and reporting. Whoever thought creating a central team of thousands should have been let go on day 1. A very poor decision to create a 1.5 oversight team. The business is still doing the work, there is just another person in the way tasking for updates. Ridiculous. They care about staying off the radar more than doing what’s right or addressing the root cause of issues. I pray to God that Kiker sees this the way most people do.
18 replies (most recent on top)
I was in tech control till late last year. That org is headed by a person who has no depth of tech understanding. A few random people were at the top whose understanding of both the technology and business was quite low. More time was spent on how to write a control than focusing on what the actual control aimed to mitigate. That team is now 40+. Another tech control team was doing issue assurance. This team spent all its time rewriting issues after it has been reviewed already. Another 59 people there . I was a senior person in a junior role while my boss was a person with 10 years experience in a small bank. And this was the case across all of the control org.
Happy and good riddance. This Nate was pretty useless and that is saying a lot in the most useless organization he headed. Under his watch , in the last three years Wells paid $1.2 Billion in fines. Half of this was for shenanigans under a prior regime and half was directly under his watch.
CE actually trying to work this week noted. Too funny, they don’t even now how to write a control.
Centralizing Control was Nate's baby. Now that he did it, he's out.
He also had the bright idea of moving around 37% of the Control work offshore. -- keep this part a secret.
Someone in CE is reading this since they actually tried to do some work this week. 2 years too late. It’s time to change and remove the toxicity from the bank.
Control’s function is no longer needed. They should just expand the COO teams to handle all matters that Control previously handled. Most of the time that Control tries to answer for the business, they end up being incorrect and just cause more problems. They are just another middle man. They are even failing on RCSA execution - when was the last time a control was well written in workshop?
As long as it’s not that Susan person EVP that was that Demi’ su-k up back in the day.
The central team within control has no idea what they are doing.
There are several thousand people working on controls, operational risk, SERM, ITV, EBCE, RCSA. The whole thing is a castle in the air standing on few ill conceived risk policies, surreptitiously created, without any input from the business, touted as word of God Almighty, revealed to jokers from JP. Most regulators are complicit, some are clueless …. everyones havin a good time ;) And now they are talking about finding efficiencies in these teams to avoid the real question - where is the money?
I get about 5 calls & emails per week to work on RCSA as a consultant. How many bankers does it take to run a risk program?
Technology refuses to own any controls so why do they need control executives in technology anyway
The control executives, especially those in technology have been riding pretty high now that they can do and say whatever they want because JB let them run amok. When a control executive comes in and is prescriptive an overly directive rather than advisory you know you’ve got a serious problem because they don’t even understand their role within the risk framework. What the control organization did, however, do was very quietly re-write major policies, so that they are in control of certain aspects where the risk owners really should be. Because you know they’re part of front line and they know better. The result? Inconsistent and incorrect application and then we wonder why people are surprise when 3rd line issues high impact findings. The technology control executives have got to GO
@zku+1nvSUXqn True it’s an unnecessarily large offshore team, as is the whole Control org:)
The folks I have worked with on the team, seem to be pretty solid, think many are very new because the team grew so fast under the radar. Steep learning curve for sure and not adding the value.
Had no idea they had a U.S. leader running the team, hope she/ he is driving more connectivity US and accountability.
The control team in India and Philippines is massive in size, has zero business or industry knowledge and is desperately trying to lay low.
I cannot believe IRM or Internal Audit is not all over these jokers and holding them accountable. Control has had more than enough time to staff up and get their act together. And they have a US exec who moved to India to “lead” them.
We have 1 risk/control/audit person for every 15 employees. It’s absurd
I actually work in the control team in COO. If they make me do work, I am going to look for a job in second line. I don’t like to work!
I worked in corp risk 4 months and it was the catalyst for me to leave WF. Was awful!! Thx leaders were horrible!!
I hope that is the case. It’s the biggest sheet show at Wells Fargo. You could get rid most of the CE team in COO and no one would even notice. Please look at Risk next Charlie. Let’s finally make Wells better and hold the business accountable for their actions.