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Jason Bloomberg

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This Is How The Options Clearing Corporation Transformed To A Risk-Oriented Culture

Options trading is central to the complex, risk-adverse equity derivatives industry, and leading the clearing of such trades is The Options Clearing Corporation (OCC).

OCC is transforming from a process-centric to a risk-centric organization.

OCC is transforming from a process-centric to a risk-centric organization.

Founded in 1973, OCC is the largest such organization worldwide. As a highly regulated enterprise, it must promote the stability and financial integrity in the equity derivatives marketplace. The company also acts as a guarantor, ensuring the fulfillment of options trading contracts.

OCC largely operated behind the scenes until the financial crisis of 2007-2008. In response to the crisis, Congress and regulators focused new attention on the clearinghouse. It designated OCC as one of a handful of financial linchpins, alongside the largest banks in the country.

OCC, however, was unprepared for the attention. It lacked the technology, expertise, and resources to deal with the new regulatory regime and associated requirements.

By 2013, the Securities and Exchange Commission sounded the alarm. “The excessive number of repeat findings raises a serious concern about OCC’s overall commitment to establishing a culture of regulatory compliance,” the SEC wrote in a letter. “And, more specifically, its ability to timely and adequately address the [SEC] Staff’s findings.”

To survive, the OCC had to transform – its leadership, its culture, and its processes – to become risk-oriented. At the core of this shift to a risk-oriented culture: revamping its technology.

OCC’s motivations might be about risk management, but its transformation is all digital.

Read the entire article at https://www.forbes.com/sites/jasonbloomberg/2017/08/07/this-is-how-the-options-clearing-corporation-transformed-to-a-risk-oriented-culture/.

Intellyx publishes the Agile Digital Transformation Roadmap poster, advises companies on their digital transformation initiatives, and helps vendors communicate their agility stories. As of the time of writing, Appian is an Intellyx customer. None of the other organizations mentioned in this article are Intellyx customers. Image credit: GotCredit.

 

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More Stories By Jason Bloomberg

Jason Bloomberg is the leading expert on architecting agility for the enterprise. As president of Intellyx, Mr. Bloomberg brings his years of thought leadership in the areas of Cloud Computing, Enterprise Architecture, and Service-Oriented Architecture to a global clientele of business executives, architects, software vendors, and Cloud service providers looking to achieve technology-enabled business agility across their organizations and for their customers. His latest book, The Agile Architecture Revolution (John Wiley & Sons, 2013), sets the stage for Mr. Bloomberg’s groundbreaking Agile Architecture vision.

Mr. Bloomberg is perhaps best known for his twelve years at ZapThink, where he created and delivered the Licensed ZapThink Architect (LZA) SOA course and associated credential, certifying over 1,700 professionals worldwide. He is one of the original Managing Partners of ZapThink LLC, the leading SOA advisory and analysis firm, which was acquired by Dovel Technologies in 2011. He now runs the successor to the LZA program, the Bloomberg Agile Architecture Course, around the world.

Mr. Bloomberg is a frequent conference speaker and prolific writer. He has published over 500 articles, spoken at over 300 conferences, Webinars, and other events, and has been quoted in the press over 1,400 times as the leading expert on agile approaches to architecture in the enterprise.

Mr. Bloomberg’s previous book, Service Orient or Be Doomed! How Service Orientation Will Change Your Business (John Wiley & Sons, 2006, coauthored with Ron Schmelzer), is recognized as the leading business book on Service Orientation. He also co-authored the books XML and Web Services Unleashed (SAMS Publishing, 2002), and Web Page Scripting Techniques (Hayden Books, 1996).

Prior to ZapThink, Mr. Bloomberg built a diverse background in eBusiness technology management and industry analysis, including serving as a senior analyst in IDC’s eBusiness Advisory group, as well as holding eBusiness management positions at USWeb/CKS (later marchFIRST) and WaveBend Solutions (now Hitachi Consulting).