The Depository Trust & Clearing Corporation (DTCC) has hired industry veteran Douglas George to the new position of managing director and chief risk officer.
George, a former head of payment systems risk management at Citigroup, will lead the US depository's risk management efforts as it enters new international markets and takes on more business in the derivatives processing arena.
He moves to DTCC after an eleven-year spell at Citigroup, where he oversaw the development of a firm-wide programme for identifying, measuring, monitoring and managing the US moneycentre's credit, legal, market, operational, sovereign and cross border risks, across nearly 600 exchanges, depositories, clearing houses and payment systems worldwide. Prior to this George had spent 25-years at Chase Manhattan bank.
George was also a founding board member of the continuous linked settlement (CLS) system, specifically developed to reduce temporal risk in cross-border FX transactions.
In his new role, George will take over a group of some 50 risk management professionals, including risk and quant analysts and risk technology systems specialists.