Isn’t this just documenting everything you do, every single thing you do, for it to be offshored?
Just wondering your thoughts.
10 replies (most recent on top)
The problem is that RCSA takes so much time, no one has any left over to put the findings on Risk/Control effectiveness to use and improve anything that's ineffective. We're all too busy going back to the tasks that were shelved so we could spend 2 weeks in these bullsh-t workshops debating the wording of a Control Statement or Service Description.
@ppv “Industry leading” chat bot?!? Dude, we’re years behind BOA’s Erica and it can barely do the basics at this point. Thanks for the laugh and regurgitating whatever you read online. This chump doesn’t work here!!!!
All large banks have RCSA. This isn't unique to WF.
Absolutely. It’s also there to show weakness in processes procedures and above all WF employees.
Yeah, it can be used for so many things. Identifying duplicative and inefficient processes, identifying gaps in controls that need to be fixed, and identifying simple processes that could quickly be completed overseas or by AI. The people making these big decisions can't make them until they can see what the actual processes are. Before efforts like RCSA and EBCE, it was shocking how even low-level managers didn't understand or know their own groups' processes.
Instead of rehashing all these procedures with offshore talent the bank should use generative AI. This bank already has an industry-leading chat bot, "Fargo". It just has to empower it with a gen-AI model.
McKinsey & Company, suggests that AI – and generative AI, specifically – could fundamentally change how corporate banks engage with clients. “Gen AI can semi-automate pitch and proposal preparation, mine data to suggest client-specific actions, summarize insights from client interactions, and draft client emails,” he explains. “These technologies are also being used to vastly improve how chatbots can support clients with queries, acting as virtual assistants to help them navigate the bank offerings.”
source: https://www.finastra.com/viewpoints/articles/ai-unlocking-opportunities-corporate-banking
Largely yes, that's the point of RCSA. They need things broken down into very simple terms to facilitate offshoring all the tasks that domestic workers do.
It is a paper exercise and needs a small number of cheap resources. The reason why it is intense, expensive and political at Wells is because it is used as a smoke screen to blind authorities.
I think the RCSA in this frame of mind …
“How fast would you go in your car if you didn’t have breaks?”
Risk management is the same.
Though, Wells Fargo has failed at massively is the how to take calculated risks … and have defaulted to overly documenting it as a process that yields little value.
If the goal isn’t business optimization, and avoidance/ mitigation of landscape risks (rules, laws, best practices, ethics, etc.) then it becomes (just like at WF) this process that everyone hates and sees as bureaucratic.
That’s the risk culture, here.
I doubt it. Even people onshore can’t understand what’s been documented once it goes through the process of sterilization/ standardization of vernacular. That’s the irony of it. It needs to be done because wrists were slapped for want of process documentation, but now we have something that nobody will ever read again (or be able to use even if they did).