Is this the worst idea for a function? Why have a bunch of incompetent id--ts with no knowledge of the business and or common sense. Just because they claim to have a risk or compliance background from BoA or JPM does not mean it is true perhaps there should be pre hire testing prior to considering a candidate for a job. This is where the layoffs should be coming from a bunch of overpaid paper pushers that add zero value starting at the top.
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I worked in risk at another bigger bank and talking the most basic concepts at wells pretty sure 90% of the risk people lied not to mention it's a small industry so you do kinda know your peers. But they don't want job testing I do. And there should be a being nice to others test
Someone got their undies in a bunch,
Guessing they wanted to do things their own way.
Most of the “excessive” work done in control is based on requirements from risk, audit or the regulators. Also, there have been plenty of cuts in control.
If you think that’s bad, check out Corporate Risk. They need to be merged with ITV for assessments. They sc--wed up their system of record by now having three unique IDs for projects since their migration failed. There are no templates used for testing, it’s a free for all. Management is a huge bottleneck for reviewing reports that get sent out.
To top it off people are leaving in droves and nobody is getting replaced. I could go on and on.
We are nowhere near successful Agenetic AI.
Generative AI is barely functional and not destroying jobs like the C-suite was promised.
This isn't even factoring in that current LLM's have basically consumed all human knowledge and still have a 5-30% "hallucination" rate. The shortcomings have been severely downplayed by the hype machine.
Then there's the whole, how will we power all the data centers that will be needed for true AGI? Or, how will we keep earth from heating even faster with all the heat DC's will generate?
Oh yeah, and there's the lawsuits over plagiarism and unathorized use.
There's a ton of issues with AI at the moment that a lot of people invested in profiting off this tech are hiding from the public.
But sure, this is going to destroy a ton of jobs this year.
Super critical function, bank would,collapse without them
This should be automated. McKinsey states that future multi-agentic AI systems with have an "AI Controller".
Sour grapes, quit being a dik and do your job. not adding to the dysfunction.
Controls is a new function driving up headcount- we should
Never ever have hired for the roles but rather freed up people to take these up.