First the compliance officers, now the counterparty credit risk tech specialists: GFT snaps up expert consultant
Consultancies are now snapping up the technologists that design counterparty risk technology systems from the major banks. Mohit Dwivedi is a case in point as he joins GFT after spending 10 years at Citigroup, the world’s largest FX dealer, where he designed a risk technology platform based on big data
This year, it has been a case of waving goodbye to the lifestyle accoutrements associated with high flying traders at the very coal face of London’s pole-position trading desks and saying a big hello to the grey suit.
Compliance officers, once staid bureaucrats which were more associated with ring-bound box files and taking a two week trip to Devon (SW England) every summer with the caravan neatly following the gunmetal grey Volvo station wagon adorned with deck chairs and self-heating cans of preserved food, are now the leading edge of the financial sector.
Anodyne regulatory pen-pushing has given way to extremely high technology which ranges from automated trade reporting systems to the stimulation of the minds of the youthful genius by providing a financial technology ‘sandbox’ in which Britain’s regulatory body, the Financial Conduct Authority (FCA) provides an environment for innovation in which the officials are actually helping the developers in bringing forth the next generation of financial markets leadership.
This was unheard of even just five years ago, and the tweed jacket with patches on the elbows and shoulders is a thing of the past.
Regulatory and compliance consultants that are able to understand and work closely with the ever evolving technology that is now very much instrumental to the infrastructural commitments that firms have made to increasingly astute and high tech government departments are now earning up to £1200 per day in London and are urbane and modern professionals with deep technical understanding.
The consultancy rates that such professionals are able to charge are now being echoed by risk management technologists that have cut their teeth in some of the largest and most advanced institutions in the world.
Today, Mohit Dwivedi joins professional services consultancy GFT as a Princpal Architect from Citigroup in London where he was Global Head of Front Office Risk Technology for the credit markets business of the largest FX dealer in the world.
Within management consultancies that provide fully outsourced services, a Principal Architect is a leadership position in which the responsibility for full end to end solution design is the main responsibility.
At Citigroup, Mr. Dwivedi designed a next generation enterprise-wide risk platform built on big data technology, grid computing and service-based architecture. With over 15 years’ experience of investment banking and consulting, Mohit has a proven track record in designing and delivering solutions for front-office trading businesses.
Mr. Dwivedi has held a number of roles in front-office technology; across market data, trade capture, pricing, risk, P&L and reporting for fixed income products covering flow, structured credit and emerging markets.
The point here is that Mr. Dwivedi spent 10 years at Citigroup at senior executive level, however professional services consultancies such as GFT are now taking on board such talent so that they can charge them out to companies in this industry as the reliance on big data, machine learning and automation becomes an integral part of ensuring that all aspects of risk, compliance, and credit exposure is managed in today’s fully electronic financial markets structure.