Spotlight on Success: DTCC’s Audit Team Dynamics

The Depository Trust & Clearing Corporation (DTCC) company culture is a collaborative one. The post-trade financial services company offers clearing and settlement services to the financial markets – and its success in doing so is largely driven by its dynamic and diverse teams that motivate one another, like the audit team. 

“When asked what keeps me at DTCC, one of the main reasons is the diverse and inclusive work environment,” says Hannah Maye Casipi, Internal Audit Associate Director. “DTCC celebrates diversity of race, age, gender, sexual orientation, and also diversity of thought. This fosters creativity and innovation within the teams through various perspectives. 

Further, DTCC offers a diverse set of Employee Resource Groups (ERGs) and other networking opportunities to get involved in the organization and network to foster wider collaboration and innovation.” 

On top of work-life balance and flexibility to work at their own pace, Hannah also adds that, recently, empowering kudos and shoutouts are being incorporated in team- and department-wide meetings. “It encourages everyone to step up knowing that their work is always valued,” she says. “Additionally, I have frequent discussions with my manager throughout the year, and the constant feedback has been helpful for me to improve as soon as feedback is received.” 

We caught up with the audit team to learn more about how they build trust, maintain motivation through challenges, give each other credit where credit is due, ensure continuous skill development, and keep healthy work-life balances. 

Here’s what they had to say. 

 

🔹 Some Employees Prefer Public Recognition, While Others Prefer Private Acknowledgment. Besides Formal Recognition Programs, How Do You Feel Informal Recognition From Peers And Supervisors Impacts Your Motivation And Engagement At Work?

Laura Smith, Senior IT Audit Manager: Informal recognition from peers and supervisors (and auditees) motivates me to continue to make myself and the team proud, demonstrate personal and professional development, and strive to deliver a best-in-class work product. 

Jessica Swartz, Internal Auditor at The Depository Trust & Clearing Corporation: Informal recognition from peers and supervisors impacts my motivation and engagement in the sense that we celebrate both the big and small wins. Celebrating not only the big wins but also the

small ones allows for positive feedback and motivation to continue to work hard and succeed as a team. 

Hannah Maye Casipi, Audit Manager (Associate Director): Informal and candid recognition is always a good reminder that my hard work and contributions matter to the team/ department. Not only does it motivate me, but I am also influenced to do the same to other members of the team. That way, everyone on the team always stays motivated. 

Don Rowe, Senior IT Auditor at The Depository Trust & Clearing Corporation: Informal recognition has a positive impact on the recipient by elevating dopamine levels, resulting in increased satisfaction and feelings of enjoyment.

Betty Greenberger, Executive Director – Internal Audit: DTCC has a rewards and recognition program for staff up to the Associate Director level. This provides a means to recognize a staff person for going above and beyond their day-to-day responsibilities. We also have made a concerted effort to acknowledge people for the good work they do when providing feedback on deliverables. Lastly, in scrum meetings, several squads have also added a Kudos section to the agenda. I believe all these efforts, including our personal goals of striving to exceed expectations, are all motivations for how we execute our work. 

 

🔹 Could You Describe A Recent Project Or Initiative Where Cross-Functional Collaboration Played A Significant Role Within The Audit Department? What Made It Successful?

Don: “Our Ways of Working and Skip Level Round Tables provide great opportunities for cross-functional team members to gather with senior leadership and openly discuss ideas and improvements to have a positive impact on the Audit Department and the organization as a whole.” 

Andrew Petitto, Senior Audit Manager II: “In an effort to advance IAD’s data analytics program, a cross-functional working group was identified to identify the minimum population of data sources needed for the department to increase the use of automated testing and ultimately increase sample sizes to provide greater assurance to the organization.” 

Laura: “The Internal Audit Department is continuously looking for ways to automate our control testing and gain efficiencies. Through this effort, members of the department are able to bring teams together (e.g., Audit, Internal Audit’s Data Analytics teams, and IT teams) for further data sharing and streamlining of audit processes. Communication, defined benefits to the auditees, and collaboration make cross-functional collaboration like this successful.” 

Jessica: “A recent cross-functional project that involved collaboration is the data liaison initiative that took place this summer within Internal Audit. We worked between various teams to identify data sources across auditable entities.” 

Hannah: “During the second half of 2022, we made a significant change to a Continuous Test to align with recent regulatory changes and the related business initiative to ensure that IAD’s testing remains in line with applicable rules. Our team had close collaboration with the Data Analytics team, along with business management, in defining a plan and implementation timelines aligning with the business initiative’s implementation date. The close involvement of senior management within IAD definitely made the project successful in pushing certain risk areas to completion on required timelines and providing useful input, solutions, or additional resources to any roadblocks as needed.” 

Betty: “In June 2022, the revised IAD roles were updated and distributed, requiring cross-functional collaboration by three Team Leads. We reviewed and revised the descriptions of the IAD roles, including revising the titles of the roles to be more in line with industry standards. The Team Leads also sought insight from Human Resources, IAD Leadership, and Extended Leadership teams to integrate their points of view on the roles. Getting insight from the cross-functional areas was helpful in ensuring the success of revising these outdated roles for the department.“

 

🔹 How Does DTCC Foster A Collaborative Culture Within The Audit Department, And What Improvements Could Be Made In This Regard?

Don: “Leadership assesses the audit team’s vast array of strengths and skills to identify individuals for working on a variety of projects and initiatives that span the entire department. Additionally, resources are shared across teams to bolster individual audit teams and their ability to provide adequate coverage of the processes being assessed.” 

Andrew: “Within our individual audit teams, we each have required deliverables; however, when subject matter expertise is required, we incorporate required individuals from other Internal Audit teams to provide input and support.” 

Laura: “Collaborative culture is being fostered within the Internal Audit department in various ways, including team events, lunch and learns across the department, and an open-door policy. Internal Audit has implemented multiple communication channels to foster team collaboration within the department further.” 

Jessica: “Audit has a very collaborative culture in which we do various activities site by site (lunches, cornhole). In addition, we have round table talks, which allow individuals to talk with others they normally would not. When it comes to audit-specific work, we are consistently collaborating on status, audit findings, and roadblocks to ensure everyone is on the same page.” 

Hannah: “DTCC’s IAD has an inclusive environment for activities requiring cross-functional collaboration. Management ensures that everyone has a chance to step up, regardless of role, and that every opinion, insight, and effective challenge matters.” 

Betty: “One of my favorite things about working at DTCC is how collaborative we in IAD are. We merge all of our minds and diverse thoughts together to create a strong deliverable. We have also looked to evolve this collaboration by creating team chats among various staff members on our teams so that we can easily share information and ask questions. This minimizes the feeling that one is stranded on an island alone.”

 

🔹 In Your Experience, How Does Transparent Decision-Making Contribute To A Sense Of Trust And Unity Within The Workplace?

Don: “When stakeholders have a clear understanding of why decisions are made and have an input into the decision-making process, including when the decision does not fully align with their thoughts, we feel ownership in the outcomes.” 

Laura: “It’s important to be transparent with decision-making within an audit, as auditees have the right to be treated fairly and to be provided context and feedback when decisions are being made. When trusting relationships are built, auditees are more likely to ask for guidance or feedback prior to taking any actions, which can create a collaborative environment for mitigating risk.” 

Jessica: “It’s not so much about decision-making, but we have good transparency in the sense that we have meetings each week to discuss status person by person, talk through any roadblocks, and answer questions to ensure tasks are completed accurately and timely.” 

Hannah: “Transparent decision-making helps employees feel that their feedback and/or suggestions are valid and are being considered in decision-making. This also encourages employees to always raise their hands and provide constructive feedback.” 

 

🔹 Everyone Has Unique Motivators. What Specific Aspects Of Your Role Or The Workplace Environment Inspire You To Bring Your Best To Work Every Day?

Don: “DTCC is a critical organization that ensures the stability of global financial markets. Working in the third line of defense brings a strong sense of responsibility and pride in knowing that you play a key role in the process and have an impact on billions of people around the world.” 

Andrew: “The same answer as to what keeps me at DTCC after all of the years is the people. I work with a great team, and I am motivated not to let them down. As Internal Audit, we must put our best foot forward because we are the last line of defense for DTCC. Considering DTCC’s importance in the global financial markets, all members of Internal Audit must bring a high level of integrity with them each day.” 

Laura: “The Internal Audit team is filled with bright and skilled employees who motivate me to stay sharp and bring my best self to work every day. As an auditor, there is a responsibility to maintain independence and provide clear, concise, and factually accurate information to stakeholders; positive feedback from auditees is highly motivational.” 

Jessica: “One specific thing that inspires me to bring my best to work is my peers and manager. With such a strong support system and being challenged, I find it very motivational. I also really

enjoy the collaborative environment, which makes me excited to come into the office on a hybrid basis and see my peers.” 

Group: The people – it’s what keeps us here, and we know they have our backs, and we put our best foot forward every day, and we have theirs. Also, as the third line of defense, we work to protect and ensure that our organization can deliver what we need to do. 

Hannah: “The people I work with within the team inspire me to bring my best, as they are also the best people I have ever worked with. It’s important to me that we all reach our goals as a team and that no one gets left behind.” 

 

🔹 During Challenging Projects Or Periods, How Does Your Team Maintain High Levels Of Engagement And Motivation? Are There Any Strategies That Have Been Particularly Effective?

Andrew: “At different points throughout the year, we all face challenging points when our workloads begin to build and we feel the pressure of deadlines. When this happens, we meet in small groups and physically write out all the tasks that someone is assigned with their respective due dates. We find that visualizing the assignments and discussing the due dates together helps us best prioritize and work through any bottlenecks. Once a plan is determined, stress levels subside, and we are motivated to move our tasks across the finish line.” 

Jessica: “Due to the fact that we are in constant communication. When things get challenging, we just talk through it, and we all realize that there is light at the end of the tunnel and that we will get through it as a team.” 

Hannah: “Having visibility on everyone’s workload through different audits helped the team manage and prioritize during challenging peak periods. This way, the team effectively collaborates and communicates what needs to be done or how other team members can assist so we can achieve the overall deadline.” 

Don: “Open communication is key to working through challenges within the team. Team members openly discuss workloads and challenges we all face to identify potential solutions that are supportive of all stakeholders. Additionally, we all rely on each other for different areas of expertise to support a stronger group effort that is more capable of working through challenging times and projects.”

 

🔹 How Do You Think DTCC’s Existing Recognition Programs Align With The Unique Contributions And Challenges Of The Audit Department?

Andrew: “The enterprise’s rewards and recognition program is great for acknowledging the great work someone has done. Additionally, within our team of Internal Audit, we have set aside a few minutes in team meetings for kudos. During this time, it is an open forum for any team

member to recognize the great work someone has completed. We have found this to provoke greater engagement during such meetings.” 

Jessica: “DTCC’s rewards and recognition program is good for acknowledging and providing feedback in the sense that we can request and provide feedback in Oracle. This can be beneficial for quarterly check-ins and end-of-year assessments. “ 

Hannah: “DTCC’s existing recognition programs align with the unique contributions, as individuals across the organization can acknowledge anyone that they would like to reward and are not confined on a team level. I’ve experienced receiving recognition as part of my contribution to a CSR activity, a local site activity, or working with other people in Audit outside of my direct team. It gives motivation that every contribution matters and is valued across the organization.”

 

🔹 How Does DTCC Encourage Continuous Learning And Skill Development Among Audit Department Staff?

Andrew: “Each individual in an audit execution role is required to take a minimum of 40 hours of training a year. Certain trainings are offered by the department; however, team members are encouraged to identify trainings that are tailored to their development goals. Additionally, skills assessments are completed annually by all members of Internal Audit, and results are analyzed by management to determine areas of development.” 

Laura: “Within the Internal Audit Department, we are allotted 40 hours of continuous learning each year. Further, we, as a department, are skilling up resources and expanding the team’s capabilities as they relate to data analytics.” 

Jessica: “Providing recommended training and certifications. Always support any further education goals, such as a master’s degree.” 

Hannah: “DTCC has partnered with great training providers for internal audit-related training and, recently, for data acumen-related training. It provides convenience while ensuring that we continuously learn and develop our skills.” 

Don: “Beyond the 40-hour minimum annual training requirements, team members are encouraged to identify opportunities for learning new skills or to work towards obtaining certifications in their area of expertise. Additionally, leadership continuously shares training opportunities with team members to identify skills that they feel are key to helping that individual succeed in their career.”

 

🔹 Maintaining A Work-Life Balance Is Crucial. How Does DTCC Support Employees In Achieving This Balance?

Hannah: “As I work in a different location with different time zones, DTCC, particularly my management, ensures that all meetings do not disrupt my personal life and that those align with my time zone. If any such instance requires me to attend a meeting outside working hours, management is considerate of allowing flexibility in my working hours and onsite days.” 

Jessica: “Having a work-life balance within Internal Audit at DTCC is a priority for management. For example, if we have a doctor’s appointment or have to pick up kids from school, the department is flexible and allows for the employee to make up the time elsewhere. In addition, we are always encouraged to enjoy the time away from work for PTO and Holidays.”