Wells Fargo - learning from the past
Perhaps one of the most important Operational Risk management functions that seems to drive good banking is learning from the past. That is after we end up in some undesirable or even desirable place, there is this candidacy to step back through time and identify the root cause and driving factors for the outcome we are facing. ~ Wells Fargo has done just that in their one hundred page report on Learning from the Past and Transforming the Future brief LINK.
This is an interesting report that contains whole sections on fostering the appropriate Corporate Culture with ethical digressions and new internal control recommendations for applying sensitive due diligence controls that focuses on the demographics of different clients.
Ethical Steps of Culture | Wells Fargo
It is an encouraging report no doubt, and there are various learning moments for Wells Fargo we can be nearly sure but also teachings for other risk managers working in banks.