I want to start a thread for FST, IRM, ORBO,BACO, RAU ownership team members, and BCM to highlight the abuse they have received during RCSA workshops. I’m curious if this is a company-wide issue
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RCSA failures are by design. It allows for gaps to keep regulators on minor things rather than finding the major.
RCSA at Wells Fargo is a complete joke. Based on what I have observed there still several years of work just to lay the foundation. The resources administering RCSA have little experience and knowledge and rely on the honesty and a transparency of the RAUs owners which doesn’t exist. These owners have incentive to misrepresent and hide risks associated with their team. Complete FRAUD.
One of the main issues is that the whole program is staffed and led by the bank's B and C players (hey, I'm one of them!) So you just aren't getting the sharpest tools in the shed working on the process or the execution. And I agree, the many nonsensical changes make the whole thing so much worse.
There’s no reason or rationale for this to be such a horrible, chaotic mess. How can WF even measure or claim progress when the requirements and goalposts keep shifting? My team is in an endless cycle of testing and issues management because of the poorly defined guidance and ever changing processes. There’s little to no accountability, but all kinds of finger pointing. If this is truly the priority, then WF needs to prioritize it instead of relying on consultants, outdated technology and substandard processes.
I also got away from RCSA. What a horrible group of swine those control management people who took volunteers and used them as data entry and meeting minutes takers.
Have heard of others awful experiences to include unrealistic after work expectations, not allowed to take PTO, RAU owners with no clue or willingness to admit to gaps, a host of poor souls brought in to do work that have no hands on rcsa experience, etc. Our RAU will go next year so will have first hand knowledge then.
What I don’t get is shouldn’t these workshops be sounding the alarm on all of the duplicative work going on? Like why have different teams review, QC, QA and EBCE for similar items. I know they have different functions according to framework but they DO have duplications in reviews of the same policy or reg, just slightly different angles to justify their existence. It doesn’t seem anyone is talking about this duplication… If WF got rid of the duplication, that in itself would be an expense save.
Post ID: @1xrx+1o9ah0YE omg what a horrible thing for some person to say.
"Well, there's one severance we won't have to pay..."
- --Overheard in Hudson Yards.
Phase 1 was a shitshow. Unrealistic timelines combined with capacity constraints. Phase 2 is increasing timelines and adding more resources - but the process hasn’t changed much
Risk is a fancy thing . It neither add value nor protect wellsfargo. Everyone in the risk team is creating e-waste in Excel/Word/Power point. RCSA is probably like Y2K in post covid but it give jobs to americans. Instead of Charlie take all the money, this kind of job creation is better for fellow americans. Shut up and ride the roller coster. You don't have any long term.
What is FST? I know the others...
Definitely horribly run, but it's a regulatory requirement so you're stuck with it. So glad I left when I did. The endless wordsmithing is probably the thing I hated the most. That and having seven levels of compliance and quality checks on my words before anything would get finalized. But the reason why it's been such a failure is the senior leaders making decisions were so far removed from the actual workshops. Then when they made a d-mb decision, it would take forever to escalate back up the chain. And once those senior leaders committed to something with the regulators, it took an act of god to change it.
I'll believe this company cares about Risk when they jettison RTO and the location strategy .
Just for the curious. What is the purpose of the RCSA workshops? Was it trying to uncover something that should have been designed into the process?
One person in controls “jumped” during Phase 1 because of the impossible pressure and abuse they were put through. It was hushed up. Operating committee knew and did nothing. No one cares. Abuse continues.
@vns - if not letting people off, is the company working on unused PTO payouts?
Post ID: @wfr+1o9ah0YE they aren’t even letting people off anymore. they said they don’t have enough people to keep the project running and hit target dates.
Thank God I was able to get back on my team, RCSA was horribly run, glorified data entry, people who had no clue what they were doing. Meetings lasting all day and work to be done in the evening, completely ridiculous. Leaders lying about the travel requirements. No wonder they can’t keep or find enough people, it’s a recipe for quick burn out. I heard other horror stories too.