DTCC names Anne Noonan MD and chief systemic risk officer

DTCC names Anne Noonan MD and chief systemic risk officer

The Depository Trust & Clearing Corporation (DTCC) has appointed Anne Noonan, a founding member of CLS Bank International, to the new position of managing director and chief systemic risk officer.

Reporting to the DTCC's general councel, Larry Thompson, Noonan will oversee the management of the systemic risk framework for the group and its subsidiaries in a bid to identify and assess the implications for existing and new products, activities, processes and systems.

The DTCC says she will work with the direct regulators of its subsidiaries - the Securities and Exchange Commission, the Federal Reserve Bank of New York and the New York State Banking Department.

She will also work with the group's chief risk officer, Douglas George, to review DTCC enterprise-wide risk management methodology.

Noonan joins from CLS Bank International - which she helped to found - in New York, where she has been executive vice president and global head of risk management and regulatory affairs since 1999. Prior to that, she spent over 20 years at JP Morgan, holding a variety of positions.

Donald Donahue, chairman and CEO, DTCC, says: "DTCC has a very strong track record for safeguarding the industry during times of crisis - and in working with regulators in the US and globally. However, the experience of the financial crisis over the past two years has cast a very bright light on the risks that exist at the level of the financial services system as a whole. We are delighted to have someone with Nan's extensive background in risk management join DTCC."

Finextra verdict Smart move by the DTCC. The appointment of a chief 'systemic' risk officer should appease regulators and demonstrate the company's awareness of its responsibilities as a critical market utility. It's a new term on us, but expect a rash of similar appointments at other "systemically-important" institutions over the coming months.

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