Does audit exist at Wells Fargo? Do you really think the Board has awareness of everything they need to make informed decisions?
Based on my observations, I would say Audit has taken a step back. They have no clue what is going on. They don’t understand the company. Corporate Risk is a complete disaster and Audit is nowhere to be found.
This chief auditor is gone and doesn’t even know it yet.
@hqj+1d37Tfyq You are missing the point completely. Audit is harassing business units for sure, but only in the sense of creating sound and fury signifying nothing. We need serious auditors who are not compromised by their longtime comfort level with our scandals and personal friendships with the Senior leaders who committed the frauds,
A new independent Audit team with no longtimers beholden to felons. Period.
Audit exists in a corrupt and “on the down low” buddy buddy “wink and a nod” basis. Everyone involved understands that we badly need to hire hardened seasoned New York City auditors. It is almost unbelievable that we have not been ordered to hire independent, I.e. not compromised expert external auditors. We are a large, historically corrupt, poorly run FI. We need talented, experienced and hardened bank auditors and Manhattan has a lock on that. We have to pony up the cash.
With that being said… expect the usual yelling from those with the skeletons in the closet.
Is it true the Fed gave a audit itself several MRAs and that may be the is the reason Scam-a-loud may be asked to step down. They slept while the bank was behind and now the $250m fine. It is about time that JS quit. She had no control over her wayward group. The worst of the worst are still very much there and continue to ruin our lives.
Audit threatening to start an audit of an area. No clue why. No idea what they intend to test. They are auditing because ‘it is there ‘. Who hired SR by the way . She has no brains.
Audit is as big of a disaster as anywhere else in the company. Complete teardown of nearly every long time leader and replaced with external folks. Nobody knows anything; nobody is held accountable to anything except 'meeting deadlines'. It's a production environment the same as anywhere......the name of the game is 'whatever you do, CYA'.
Risk kowtows to the business every time. They talk a good game but are not serious when push comes to shove. Sad.
Audit has a clue. But remember, this IS Wells Fargo. Integrity must be a part of the Wells Fargo culture - the entire culture.
Audit is a disaster
IT audit under SR is the most inept . Clueless people with zero IT background trying to pass meeting minutes as IT audit findings . Oh yeah!
our branch is undergoing audit this week!
Lol. Up backsides.
You be someone that deals with audit AND doesn’t understand the environment around and/or have an understanding of it. You are the poor sole receiving their voluminous request list that gets them nowhere.
Look around. Audit is influencing anything and don’t have a clue. Get ready for blow ups around you
There has been a reduction in force and a reshuffling of work forcing newer people to pick up work they arent familiar with.
There are redundant audits at the corporate level, domain level, bcbs letc evel and team levels all "auditing" the same things but refusing to accept each othwrs work
It drives the confusion and ineffectiveness you note
You must be someone who never has to deal with Audit.
Audit is up everyones' backside more than ever. Doesn't mean the controls they want implemented and validated have any relevance. It is more of creating busy work. So we automate the busy work, then Audit wants more controls and testing of our automation of the controls they previously wanted
Repeat.