Long rant so apologizing before you read any of this post. We are headed down that rabbit hole again. We will never learn as there are no consequences!
Any others experiencing this new wave of Primary Tech Managers responsible for the sunrise/sunset of applications but who have absolutely no clue as to what they are doing? Or have no interest in learning how to do their job? Instead of spending 10 minutes reading easy, step-by-step instructions for every aspect of the process, the Primary Tech Mgrs instead IM and/or email others until someone tells them exactly to do. I do not understand why these tech managers refuse to use the tools or the step-by-step instructions for each application requirement!
This new phenomena continues to worsen. Now these tech managers don’t even know enough about the job to identify why they cannot move forward with their application. Now the IMs and emails arrive with “I am blocked from moving forward. Please fix the ‘business rule violation’ so I can continue.” They cannot even explain what the business rule violation is! Or the fact that it is their complete lack of knowledge that is holding them up. For example asking me to approve a document which they are required to approve first. Yet they do not know what the document is or where to find it so they can approve. Again, this information is readily available if they follow link to the site and f’g read what the next step is or why they have a “business rule violation.” In the 10 years I’ve been doing this work, not one person ever came to me using the “business rule violation” verbiage! Often it is impossible to even understand what they are asking because they have no clue about what causes the “business rule violation, or that they are the reason for the violation.
If any audit, compliance , or senior technology management follow these posts, this is a serious risk we are confronted with today. Especially given the increased scrutiny by Europe and other countries regarding the retention and destruction of the data/records retained by these applications and the direct adverse impact on privacy and protection our customer/client data.
Yet, despite escalating these concerns to management, nothing is done nor does anyone care.
Good luck in getting our Asset Cap lifted! Or if we do, it will certainly not last long despite the 50 or more senior executives they continue to hire in CIB.
Shart and his cohorts are betting our future on the success of these executives and CIB. A doomed model if they don’t fix this basic application lifecycle processes
essential to ensuring we meet regulatory requirements and protecting client records and information. Nobody listens.
Thankfully WF is moving away from the mortgage industry! Financial institutions are once again making loans to people without any down payment. One of the reasons, along with Pick A Pay loans, which caused the 2008/2009 crash.
And we have the douche Jamie Dimon crying once again about how strict and unfair the regulations imposed by regulators as a result of these same exact actions leading up to the crash.
Unfortunately, we are due for another banking scandal as we are almost 10 years from the sales practice misconduct WF senior executives, including Audit executives knew about in 2013. Further, despite this knowledge, continuing to ignore exponentially increasing fraud and fake accounts, these same executive even ignored the LA Times article in 2017 which reported branches in CA firing employees for this fraud and continuing to encourage this fraudulent activity through their cross sell initiatives.
Will we ever learn or be proactive in preventing these scandals? I seriously doubt so. The financial industry always finds loopholes to take advantage of so they can rake in billions in profits until they are caught.
In the 80’s we had the Savings & Loan failures, 90’s it was selling derivative products to clients which banks knew were garbage. Then the turn of the century brought us the mortgage crash. Much too shortly after the mortgage banking collapse came the fake account scandal (mostly unique to WF)
Hopefully one day WF & the industry will either learn, or our executives will finally be held accountable for their actions. They should be fined and incarcerated.
Instead, people and families who buy these products will continue to be the only people who suffer from the actions and decisions made by these executive sl--e ba--s.