Our host of Bots & Thoughts, Jimmy Hewitt, recently sat down with Ram Naidu at the OPEX (World Annual Operational Excellence & Business Transformation Summit) conference in Orlando, Florida. Ram is a business leader who has spent his career in the consumer lending space, specifically responsible for managing risks and controls. Consumer lending is a highly regulated space and therefore the stakes could not be higher with regards to managing risks and controls. In addition to this, the sheer volume alone at Wells Fargo requires the sophisticated application of automation into managing risk and controls at scale. Listen in as Ram, Head of Control Evaluation for Consumer Lending at Wells Fargo, tells his story, talks you through his methods, and lends you his perspective on applying automation for risks and controlled management for one of the largest banks in the world!
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*The views and opinions expressed here within are those of Ram himself and do not necessarily reflect those of Wells Fargo
Business leader at Wells Fargo
Spent his career in the consumer lending space
Responsible for managing risks and controls
Consumer lending is a highly regulated space
High stakes with regards to managing, risks, and controls
Sheer volume of at Wells Fargo requires the sophisticated application of automation into managing risks and controls at scale
Spent several years in transportation and logistics
Joined financial services over 20 years ago and have been in the space since
Spent time in risk across all three lines: internal audit, corporate risk, and the business
Spent time running large global operations
Was a financial controller at one point
Companies that have really good risk management practices also tend to have very good operational excellence practices, and they tend to be more proactive
The way they detect risks (example: KPIs) is more proactive in nature
Through operational excellence, process modeling, KPI setting, and more within process, your company can become smarter and can detect early indicators of a future risk before it happens internally or externally
If you have proactive measures in place and have a really strong operational excellence, then you can generally deal with changes much faster than a company that is not prepared
Your company can even mature further, from proactive to creative and innovative
Ram’s Role/team: evaluate controls
Wells Fargo has a process in place to create process maps that define what the risks and controls are and then they evaluate whether the controls are actually working
“What are all the things that can go wrong in trying to achieve that business objective?”
“What are all the things we should be looking for to see if management has routines to actually monitor those risks?”
To evaluate risk and controls, you’re really looking to find:
Every way a process can go wrong
How management is monitoring those processes
Goal: you are proactive in detecting issues and can fix the processes and monitoring efforts
You can have a combination of controls
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