Introduction:
In the ever-evolving landscape of banking and financial services, regulatory compliance constitutes a fundamental pillar for upholding integrity and stability. For one individual, the trajectory into the realm of Regulatory Technology (RegTech) commenced with a foundation in investment banking and an thirst for learning and knowledge. This chronicle delineates how perseverance, adaptability and versatility catalyzed a remarkable career in deploying RegTech solutions for banks and financial institutions.
The Formative Years:
Having embarked on a vocation as an Investment broker, the journey commenced with a determination to excel. Through rigorous learning and dedication, the Series 7 and Series 63 NASD licensure examinations were successfully conquered. However, it became evident that my aptitude for telephonic sales presentations was not the forte. Nonetheless, an intricate understanding of financial services proved to be an invaluable asset.
Discovering ADP's ICS Division:
Fortune smiled upon this ambitious professional when ADP's nascent department New Accounts in the ICS division, who sought individuals well-versed in back-office account initiation processes and client document verification and validation. Seizing the opportunity, I embarked on an odyssey that would shape my career trajectory. Starting from the ground up, I diligently ascended to a supervisory role at the prestigious Salomon Smith Barney CitiBank, leading a team of four.
A Metamorphosis into Mainframe Reskilling:
An unexpected inflection point emerged when a mainframe retraining program presented itself. ADP, recognizing the potential in our protagonist, furnished tutelage at the esteemed Chubb Institute. In exchange, a two-year apprenticeship awaited. During this transformative period, the focus transitioned to authoring mainframe to web applications with a multitude of responsibilities. These encompassed creating mainframe programs that generated and disseminated shareholder information, orchestrating reorg actions and proxy voting communications via nightly emails, and meticulously aggregating, auditing, and tabulating internet reorg action and proxy voting.
Distinguished at Morgan Stanley: As the apprenticeship concluded, my talent and dedication seized the attention of executive leadership at Morgan Stanley. Leveraging my prior Series 7 and Series 63 qualifications, an opportunity materialized to contribute to the Enterprise (EDB) data warehouse group. Regulatory compliance initiatives took center stage, with specialization in authoring applications for OATS and OTS, as well as actualization of OFAC monitoring. These efforts complemented the mainframe programming duties, optimizing existing business processes.
A Pivotal Project at IDBBank:
In a momentous twist, my career trajectory led to IDBBank, a NY branch bank financial institution grappling with AML (Anti-Money Laundering) violations and consequent multiple C&D (Cease & Desist) orders from the authoritative FDIC and NYS DFS. I was entrusted with the mandate of managing the resolution of these consent orders from the Technology department. This endeavor also encompassed the implementation of Prime and Mantas AML systems, as well as OFAC/Sanctions monitoring platforms. The efficacious resolution of the C&D orders denoted a pivotal milestone, underscoring my expertise in regulatory compliance.
The Genesis of Cocchi Tech Systems & Consulting:
Equipped with a wealth of experience and profound acumen of RegTech, I ventured into entrepreneurship. Thus, Cocchi Tech Systems & Consulting, Inc was conceived. The consulting and management firm caters specifically to banks and financial institutions facing regulatory scrutiny, wrestling with MRA's (Matters Requiring Attention) and C&D directives, and lacking the requisite RegTech solutions. The breadth of competencies spanned multifarious roles, ranging from Business Analyst to Project & Global Program Manager, Data Analyst, and Software Developer.
Conclusion:
The odyssey into RegTech for me epitomizes a testament to my adaptability, tenacity, and a passion for Financial Crimes Compliance and RegTech. From the fledgling days as an investment broker to presiding over an eponymous consulting firm, my expertise has assisted innumerable financial institutions in addressing regulatory challenges with efficacy. As the financial landscape persists in evolving, their journey serves as an inspiration for others seeking to generate momentous impact in the realm of Regulatory Technology.
