“the most adaptable person can thrive in any situation.”
Markets Media spoke with Priya Kundamal, General Manager and Head of DTCC Data Repository Singapore, who won Excellence in Leadership at the 2023 Women in Finance Asia Awards.
Can you please tell me about your role?
I work closely with regulators, market participants and industry associations across the Asia Pacific region on the adoption of automated solutions that deliver upon the Financial Stability Board’s G20 OTC Derivative Market Reform Programs. These programs require derivatives transactions to be reported to trade repositories and made available to regulators to monitor systemic risk and assist in the identification of market abuse. I also sit on the board of the DTCC Data Repository, Singapore Pte. Ltd. in an executive capacity, where I help to influence market strategy for the service while aligning it with client needs in accordance with the evolving regulatory environment.
Market conditions have been volatile, but what you have found to be the most challenging?
The financial regulatory environment continues to evolve, and upcoming waves of refits and rewrites create a challenge for clients to keep up with trade reporting requirements across multiple jurisdictions. Market participants are having to contend with preparing for upcoming versions of reporting regulations while simultaneously complying with current trade policies. Technology and automation of trade reporting processes can alleviate many of these challenges for market participants. DTCC has been at the forefront of the evolution of the derivatives industry, providing comprehensive services to minimize the operational burden of global trade reporting mandates.
What skillsets are required for today and have they changed over the past couple of years?
Change is the only constant in the business world. Skillset requirements will change with time as technology advances. However, the need for soft skills will not change. The smartest, the strongest, or the most qualified person might not necessarily succeed in every scenario. However, the most adaptable person can thrive in any situation.
What needs to be done to move the needle further?
We have certainly seen progress as an industry, especially when looking at the high proportion of women are in more junior roles of organizations, and the rise of more women in corporate boards. However, research from Deloitte shows that only 5% of financial services CEOs are women. Research from McKinsey also found there is a “leaky pipeline” for women in our industry, with gender proportions decreasing at senior levels. As the industry works to close this gap, it will be critical to support female leaders in the “middle” of their careers, amplifying the “broken rung” in the ladder to success, moving them from individual contributor to people manager.
How does your firm support women and diversity, equity and inclusion (DEI) in general?
Diversity is a priority for our firm, and we’re committed to further advancing efforts by asking employees to include diversity in their individual goals for 2023. To walk our talk, we have initiated several programs globally focusing on DEI and ESG to increase support for the under-represented as well as to grow the impact where we live and work.
We know that one size does not fit all. At DTCC, we treat our employees as individuals, therefore, their journey with us must be tailored to their individual needs for them to feel a sense of belonging with our organization. We have adopted an integrated approach to managing human resources, DEI, and ESG to build an even stronger workforce – with particular emphasis on diversity recruiting and targeted programs, including training courses and regional and global DEI activities.
