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CHAPTER NINE | RISK MANAGEMENT
One way DTCC kept its finger on the pulse of where the industry was heading was to continue expanding internationally. By 2018, DTCC had offices in 21 locations around the world—up from just 6 a decade earlier. Bishop explained the objectives behind the firm’s growth globally: As we’ve taken on more international businesses and built solutions, we continue to expand our global footprint so that we have 24/7 capabilities to support our systems and continue to develop new products and services. That’s also important from a business continuity standpoint. In the spirit of preparing for disasters and extreme scenarios, we have to be ready in case one location or region is unavailable, even from a data center or staff standpoint. We need to be able to pick up processing in other regions and have the skills and capabilities to do that.
The Rise of Fintech
DTCC had long been focused on keeping its costs low to reduce fees for clients. When Bodson assumed the leadership role as executive managing director in 2007, he emphasized the need to also invest in strategic priorities that would enable DTCC to better support the industry. “Earlier in our history, we leaned heavily toward fee reductions and rebates,” said Anthony Portannese, managing director and chief human resources officer, who joined DTCC in 1981. “When Mike joined the firm, he continued to emphasize expense management, but he also made reinvesting in our technology, systems and talent a top
As the speed of technological innovation continues, hiring the best and brightest talent to develop and manage DTCC’s innovative products and services is a critical area of importance for the firm. (Photo by Christina Morillo courtesy of Pexels.)
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