A “Regulatory Backdrop” for OCC’s Risk Culture Internal Audit

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The Options Clearing Corporation (OCC), founded in 1973, is the world’s largest equity derivatives clearing organization. Adi Agrawal is senior vice president and chief business transformation officer, and former chief audit executive at OCC. He claims, “At the core of OCC’s business is the ability to manage complex financial risk. Every U.S. exchange-traded option that trades is cleared by us. It is therefore terribly important for OCC to have very high-quality financial risk management in place to manage liquidity, market, credit and customer performance risk.” Agrawal goes on to note, “The idea to do a risk culture audit stemmed from our risk assessment process as well as from our discussions with management.”

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