Control: An Executive Summary. Essay

751 words - 3 pages

Wells Fargo Bank deals with money and government regulations. A set of control mechanisms must be set in place to ensure that planning, organizing, and leading are all happening in an appropriate time and fashion. Two of the controls in the operation tasks of a service manager are working with the record of cash vault movement as well as the key log. The record of cash vault movement is the control function that keeps a record of money movement from the vault to the teller's cash boxes. This control was put into place in order to measure the cash flow. Anytime money is being transferred it is being tracked. This is a positive attribute of control because knowing where each dollar is anytime is priority. This can be seen as a negative because it is time consuming and sometimes tedious. A key log is a record of all the keys in the branch. With this log, all employees know where every key in the branch will be at any given time. This log is always changing and very difficult to keep up with. If any problems occur with keys in any branch, it is known which employee had that particular key. You may ask what these two logs have to do with controls, but without these types of control, Wells Fargo would never reach its goals of being an operationally sound organization.The Bank One National Recovery Group is tasked with recovering as many charged-off dollars as it can. In October of each year managers of the group get together to forecast and establish goals for the upcoming year. A number of factors are considered such as current and historical performance, economy, size of portfolio, and projected charge-off rates. When the New Year starts, the Recovery management staff meets to review month-to-date status for each group within the Recovery Department. A status report will include a chart for each individual team within the group, as well as a group collective chart. If there are one or more specific groups that are missing budget, then some sort of corrective action is discussed. Sometimes this is as simple as a manager going back to the collection reps to keep them motivated and focus on the goals, while other times the corrective action will include available overtime hours, supplemental incentive, or asset sales. To date in 2004, the Recovery Group is $17 MM...

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