The Value of Teamwork
Nov 20, 2018
“What drives me is the opportunity to be a part of our mission – to reduce risk, increase efficiency and to truly revolutionize post-trade processes across the financial services industry through technology.”
This belief is the reason why Simon D., Product Manager, Institutional Trade Processing (ITP), rejoined DTCC a little over four years ago. As a product manager, Simon ensures that the ITP products and services provide value to clients and the financial services industry. Simon regularly partners with other internal DTCC teams to deliver services that benefit our clients and community, and he recently shared his thoughts on the significance of teamwork and collaboration at DTCC.
Q: How important is teamwork to accomplishing your goals?
Simon: Teamwork is extremely critical. As an example, we often establish client working groups in order to receive direct feedback throughout the development process, ensuring the successful launch of a new service. To be successful, the working groups need to collaborate between Product Management, Sales, Legal and, of course, our clients.
Throughout the DTCC Exception Manager launch, we effectively brought together a diverse team including business analysts, developers, integration team members and others to make sure we had a good mix of responsibilities, background and perspectives to deliver the service, resolve issues and be successful. Navigating the journey – from coding, to getting the client to sign, to implementing the service - requires a vast number of teams working together; teamwork is vital during this process.
Q: How has collaboration helped you excel at your job and benefitted the organization?
Simon: Whenever you’re dealing with an issue, you might be confident with the answer you have in mind, but being able to bounce ideas and approaches off colleagues and peers validates, and sometimes improves, that answer. What’s more, validating and working on a problem across teams often gets you the best results, and is something I believe we do well at DTCC.
We are currently in the community-build phase for one of our newest products. We recently had a big client sign up for the service, which is a significant win for ITP. This would not have been possible without teamwork across many groups including Development, Relationship Management, Sales, Legal, Product, Integration, Marketing and Training.
Q: What’s the most significant win for the industry that your team has produced through teamwork?
Simon: One of the biggest changes our clients face is around evolving regulatory requirements, such as Dodd Frank, Markets in Financial Instruments Directive II (MiFID II) and Securities Financing Transactions Regulation (SFTR). While these regulations are typically established and put into legal text, they don’t always directly translate to specific inter-processing recommendations or field changes. To ensure we enhance our solutions in a way that helps our clients with their regulatory obligations, we established a working group consisting of clients and key DTCC stakeholders to identify the impact of the regulation, including how it affects our current services or platforms and to determine best practices. From there, we developed our plan and worked with Marketing to educate the community on our recommendations and next steps.
At the end of the day, satisfying evolving client needs requires cross-functional collaboration across the company. This enables us to do our best work and ensures that we leverage the collective skills and insights of our global team to continue to push the industry forward.
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