Thread regarding Wells Fargo & Co. layoffs

In the long term, audit is doomed. When the banking processes are driven with "self auditing" AI generated automated processes. I expect a major shift once the asset cap is removed.

preach. after dealing with half a dozen different audit and it&v teams over the last few months, not one of them was close to a content expert in the topics they were examining. time and time again I would ask basic clarifying questions related to their nonsensical requests and they would just be silent on the call, and then say something along the lines of "we need to go re-read the MR/MCR we are auditing and check with legal." zero confidence inspired - not to mention the poor offshore teams who appear to be completely making it up as they go along, and only unstick themselves from the ceiling when we inevitably escalate to stateside directors or execs. completely house cleaning needed - but who would be poach actual talent from to repopulate those functions?

Same cr-p goes on in independent credit risk review. It’s easier to hide under the cover of identifying low risk issues than to challenge leadership with fundamental issues. In fact, it is highly encouraged by senior leadership. I have it on tape.

Because it audit and itv and ebce is not about substance. They are only pretending and playing games to cover their a ses when the scams hit the news.

When stateside audit brings something up that’s not a simple fix, they’re gaslight into thinking they’re wrong or that some new application that’s coming soon (never) will fix it. Non-stateside audit isn’t taught enough to catch the bigger issues so they mostly focus on documentation/low to no risk errors. All by design, as others have said, to make it seem like work is happening.

There is a lot of favoritism in that department. If you get "under the wing" of someone - you will do well, avoid layoffs etc. As people that are not "protected" go and find jobs where they are better treated, they fill the positions with contractors that have to learn on the job. As someone that worked in Audit many years ago and now I am in the LOB - I am loving it - there has not been an issue I was not able to talk my way out of with Audit and IT&V mostly because of the incompetence of the people working in these departments!!!!

Because it is easy and cheap and it makes it look like we are doing something when the regulators ask. I bet senior leadership doesn’t like it when the find something that is expensive to fix.

90 days audits (really 60 without the reporting phase) with monitoring metrics on the audit execution and 80% of time is spent on administration/documentation. No time to learn or really get into the real risks. Just an Audit mill.

Because leadership is incompetent and corrupt. They told their teams to look away or look elsewhere. Look at the attrition and performance reviews in these teams. That will tell you everything!

Why did you spare tech audit ?