Week 5 Discussion

Please read the Wells Fargo Case

Teaching Case “What Gets Measured, Gets Managed” The Wells Fargo Account Opening Scandal. Images Diagram Graph Graph DiagramAuthors: Witman, Paul D.1 pwitman@callutheran.eduSource: Journal of Information Systems Education. Summer2018, Vol. 29 Issue 3, p131-138. 8p. 2 Diagrams, 2 Graphs.Document Type: ArticleSubject Terms: *Decision making Community banks Cross selling Risk management in business Corporate governanceAuthor-Supplied Keywords: Audit Cross-selling Ethics Information for decision-making Risk managementCompany/Entity: Wells Fargo & Co.Abstract: Wells Fargo & Co.’s Community Banking unit had enjoyed a strong, positive reputation for decades. Wells Fargo, as a whole, had avoided most of the problems of the 2008 financial crisis, only to stumble into its own crisis in late 2016. The Community Banking unit was accused of opening millions of unauthorized accounts, firing employees for violating policy without addressing the root causes of those violations, and failing to detect and prevent these sorts of issues before they became widespread. Impact on consumers was widely varied, from new checking accounts that sometimes caused no significant impact, to new credit accounts that generated fees and caused negative impacts on consumer credit scores. How did the bank’s approach to information management contribute to this problem? What could the bank have done differently to detect, respond to, and prevent future instances of improper account opening? What does the bank need to do going forward to prevent future problems and regain customer trust?. [ABSTRACT FROM AUTHOR] Copyright of Journal of Information Systems Education is the property of Information Systems & Computing Academic Professionals (ISCAP) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder’s express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)atYou have just been named the new CEO at Wells Fargo. The facts cited in the above case reflect the reality of the situation you have just inherited. You are concerned about all the practices you find but want to prioritize your efforts. What are the three practices that you assign the highest priority? How would you address these three practices? Looking at the big picture, what about Wells Fargo’s corporate culture is encouraging these practices and how would change the overall corporate culture to discourage them?In answering the above, ignore the legal issues involved in the case and focus from the perspective of ethics.