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Systemic Risk Office

DTCC established its Systemic Risk Office (SRO), which comprises a dedicated team of risk management professionals within DTCC’s Group Chief Risk Office, specifically to identify, monitor and contain, where practical, potential systemic threats, as an expansion of its broad risk management framework.

Systemic risk in the financial markets environment relevant to DTCC is defined as the risk that the effect of an adverse event or series of events within the broadly defined financial services industry, including the financial industries critical infrastructures, caused by members or inflicted through external channels, is transmitted across the industry, markets, products and/or structures. This transmission, in turn, may lead to severe impairment, disruption or degradation of the effectiveness and/or efficiency of the intermediation function, which may also impair the unencumbered functioning of critical infrastructures such as DTCC.

The creation of SRO reflects DTCC’s recognition of its critical role in the securities industry and the designation by the Financial Stability Oversight Council (FSOC) of DTC, NSCC and FICC as Systemically Important Financial Market Utilities (SIFMUs).

A key component of the SRO’s mandate includes management of DTCC’s Interconnectedness Risk Initiative, which is an ongoing cross-functional framework to identify and limit the potential impact of disruptions caused by the failure of an interconnected entity to function as expected.

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Michael Leibrock

Michael Leibrock, Managing Director, Credit and Systemic Risk, Jersey City

Michael Leibrock is a Managing Director in DTCC’s Financial and Operational Risk Management division, with primary responsibility for counterparty credit risk and systemic risk. He is responsible for the analysis, approval and ongoing credit surveillance for all members of DTCC’s clearing agencies. Michael is also responsible for the identification and monitoring of potential systemic threats to DTCC and the securities industry, actively engaging with DTCC clients and regulators on systemic risk topics and producing periodic thought leadership products. Michael also serves as chair of DTCC’s Model Risk Governance Committee, co-chair of the Systemic Risk Council and is a member of the Management Risk Committee and Risk Advisory Council.

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Additional SRO Team Members

Scott Kaufman, Director, Systemic Risk Office, Jersey City | [email protected]
Noor Ibrahim, Associate Director, Systemic Risk Office, Dallas | [email protected]
Anabella Prila, Senior Associate, Systemic Risk Office, Manila | [email protected]
Matthew McLean, Senior Associate, Systemic Risk Office, Tampa | [email protected]
Daniel Ashworth, Analyst, Systemic Risk Office, Tampa | [email protected]

Systemic Risk Barometer Surveys

2024 Risk Forecast Survey Infographic

2023 Risk Forecast Survey Infographic

2022 Risk Forecast Survey Infographic and Press Release

2021 Risk Forecast Survey Infographic and Press Release

2020 Risk Forecast Survey Infographic and Press Release

2019 Risk Forecast Survey Infographic and Press Release

2018 Risk Forecast Survey Infographic and Press Release

White Papers

Keep up with the latest news and exclusive commentary from DTCC senior executives who share their insights and unique perspectives on systemic risk.

DTCC Connection Articles for SRO

2023

2022

2021

2020

Press Release for SRO

2023

DTCC serves a critical role in the complex financial services industry, processing trillions of dollars of securities transactions daily. At DTCC, data is central to everything we do as an organization. Responsibility for data management is federated throughout the business

Data management continues to be a critical component to our risk management framework, applying industry best practices in data governance, data quality and metadata management to the most critical data used in aggregating risk exposures.

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