They grow in dark and mouldy places under Derek. Thousands of our colleagues live to meet their nonsensical policies. Most of them have never worked in the business and have no idea of how the practical world functions. They have built processes that fail all the time and cost an army to run. While the end result is trivial. Just look at the red tape everywhere in the name of consent orders and asset cap but the processes are still broken. But these people continue to thrive. Churn out more nonsense policies. Build even grander ways to achieve nothing. There is no way to hold them accountable for the bad job they have done. They will always thrive. They will live forever.
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If they would have implemented some Lean Six Sigma process mapping and tools to eliminate waste in a process in conjunction with RCSA, the entire program would have been more successful from the outset...instead of round 1, round 2 , however many times we've tried it now.
I’ll bet 85% don’t even know what policies they’re supposed to follow.
100%
All Banks are following the Ant Financial Model … it’s absolutely insane … most do not even realize that Ant Financial operates with only 17k employees as a result of AI driven by digitalization. If you are NOT learning ML/AI … you days are numbered. It will take years to get there … but that’s where this ship is headed.
OP... No they will not live forever. Right now, the "firm" is following out on commitments made to the regulators to remediate the issues arising from legacy Wells Fargo bad business practices. Soon they will be convincing the regulators that compliance will be "
baked" into the infrastructure of the bank. This will be done at first by using the Jasper and later after the policy manual is entered by Jasper.AI.
This will replace all the compliance "people" with technology. This is what efficiency is all about. Once this bank becomes digitize many of the jobs will disappear.
It all begins with executives hiring and promoting people that are not competent nor qualified. Management should held accountable for effective management of company resources. Unfortunately, that simply translates to handing orders down which even a child or a robot can do.
The ‘red tape’ is due to commitments made to the regulators to remediate the issues that arose from legacy Wells Fargo bad business practices.
I would agree that there is quite a bit of efficiency needed in all aspects … and that some of these folks that “own” the policy couldn’t manage their way out of a paper bag (risk acceptance program) - but when the dust settles - and the pendulum starts to swing the other way … the real value of risk is understanding and taking informed business decisions - and how we most efficiently optimize our business practices.
Unfortunately, most risk professionals, here, don’t understand we don’t have to control for EVERYTHING. I would even say compliance is out of control, as well.
Our mushrooms grow in Charlie cr@p instead of pig Cr@p... Just saying.