DTCC Connection

Sep 20, 2017 • DTCC Connection

DTCC Operations Stand Strong in the Face of Hurricanes Harvey and Irma

By Mary McNeil

Experienced Industry Leaders Join the DTCC BoardAs Hurricanes Harvey and Irma roared through the southern regions of the United States, The Depository Trust & Clearing Corporation (DTCC) gathered its own collective strength to aid those affected by the historic storms and seamlessly kept operations going without any disruptions.


As of mid-September, DTCC’s corporate and employee donations in support of relief efforts for Hurricanes Harvey and Irma totaled more than $50,000 to local charities including the American Red Cross and the Community Foundation of Tampa Bay.


“Our employees have always been generous financially and with their time and efforts, said Debra Cook, Managing Director and Deputy General Counsel in DTCC’s Tampa office. “I expect employee contributions and volunteer efforts will increase, as they always do.”


DTCC has a strong philanthropic history evident at all levels of the corporation, according to Cook, who also contributes to DTCC’s corporate social responsibility program. For years, DTCC’s leadership have served on the boards of the United Way and other charitable organizations and has donated to those in need in places even where DTCC is not located, such as the earthquake victims of Ecuador and Nepal.


Employee Support

DTCC is keenly aware of the urgency to provide emotional and financial support to employees impacted by Hurricanes Harvey and Irma, according to Jose Borbor, DTCC’s Global Head of Compensation and Benefits. 


After Superstorm Sandy in 2012, DTCC put in place its employee relief measure, named the Hurricane Emergency Loan Program (HELP), which provides company-issued interest free loans for rebuilding efforts. Additionally, for those affected by Irma, the company provides hardship withdrawals from retirement plans, paid time off, and childcare reimbursement.


“Our goal is to make employees know we are there for them,” Borbor said, adding, “we at DTCC come together in times of crises.”


Operations Didn’t Miss a Beat

In terms of DTCC operations, work was successfully supported by staff at facilities in other regions. “We had 1,100 people impacted by Hurricane Irma and we didn’t skip a beat,” said Norstrem, who is responsible for making sure operations continue smoothly in a crisis for DTCC’s Business Continuity Program (BCP). “The everyday settlements were on time, and the business continuity was outstanding. Everyone stepped forward and made sure we fulfilled our daily obligations.” 


In the days following Hurricane Irma, DTCC processed trillions of dollars in securities transactions seamlessly.


Focused on continuous improvement, Norstrem plans to solicit feedback from employees about how DTCC handled communications and operations during Hurricane Irma. “If the suggestions are something that can be implemented, then we look to enhance our practices,” he said.


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