DTCC Connection

Nov 01, 2010 • DTCC Connection

DTCC Names Industry Veteran to Head Operational Risk

by Steve Letzler


DTCC named Andrew Leonard as managing director and head of Operational Risk. In this new position, Leonard will report directly to Donald F. Donahue, DTCC chairman and CEO.


Andrew Leonard, DTCC managing director and head of Operational Risk

Leonard is a financial industry veteran with more than 25 years’ experience leading operational risk, regulatory compliance and auditing. He served as senior vice president and head of Operational Risk for Fannie Mae from 2006 through 2009, and held similar senior roles with Wachovia Bank and Goldman Sachs Group prior to that.


“We are delighted that a person with Andy’s broad expertise will be leading operational risk at this critical juncture,” said Donahue. “While DTCC has an extremely strong record of managing during times of industry crisis and mitigating risk, as we did during the Lehman Brothers, Inc., bankruptcy, there’s no question that we need to rise to an even higher level of performance. Andy will play a key role in helping us transform DTCC in how we think about risk, how we manage it and how we achieve best-in-class risk capabilities to protect DTCC and the industry.”


Strengthening operational risk

Over the past several months, DTCC has been working with Ernst & Young to craft a detailed vision of the enhanced operational risk capabilities that DTCC is looking to implement. The new program will serve as a road map for the company, and Leonard will have primary responsibility for guiding its execution. While building on past efforts and accomplishments, the new plan outlines a top-to-bottom systematic and disciplined review of all activities across the organization from an operational risk perspective.


History of leadership

Leonard, while at Fannie Mae, was responsible for restructuring and centralizing operational risk, compliance and Sarbanes-Oxley initiatives into one comprehensive risk program. He led a Lean Six Sigma quality team for Enterprise Operations under the direction of the COO, and created and implemented a standardized risk-based assessment across all the business units to identify, measure and manage operational risk.


While at Wachovia Bank from 2004 to 2006, he served as managing director and head of Operational Risk, and was vice president and head of Operational Risk at Goldman Sachs from 2000 to 2004, where he was responsible for establishing a firm-wide operational risk management framework reporting to the chief risk officer.


From 1982 to 2000, Leonard was at Deutsche Bank/Bankers Trust Company in a variety of audit and operational management positions, including managing director of Global Operations/Global Markets and Global Emerging Markets for Bankers Trust Company. Leonard holds a bachelor of arts degree in accounting and business administration from Rutgers University. @


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