They got an open check book from Charlie and burned it on adding layers and layers of bureaucratic box tickers. All that money spent on documentation inspectors pushed out sensible risk managers from the team. Lack of leadership talent led to loss of confidence from the business. So Op risk were excluded from important business decisions and engaged solely as box tickers. Overly political management continued to hide behind their incompetence and stifled innovation and talent . op risk function needs a long due overhaul. Ivory tower central group in op risk should be merged and consolidated with other similar policy/framework/analytics type people spread all over in risk. Or better still be outsourced to an external 3rd party. The remaining ORBO layers should be abolished and allocated to specific projects with clear deliverables. All M4s and above should be fired. The end result will lead to better risk management focused on real issues at a quarter of the cost.
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I appreciate your well meaning post, but the company exists to preserve itself, not to actually succeed. Right now, the box checkers are needed for the feds despite evidence that it is counterproductive and produces inaccurate results. This is an extension of the government, not an actual business in many aspects.
Our risk solution is purely for the auditors. It doesn't need to be effective and cost.
Risk at wf does not fail, all top notch
They all would appreciate a laxative sampler. It’s a thoughtful gift… don’t wait for the holidays.
It failed because it’s a gordian knot that asphyxiated the protectee for starters.
Show me on the doll where op risk hurt you.
Who said it failed? What do you mean?
Yep. Hit the nail on the head.