Risk Management Transformation: Options Clearing Corporation
The Options Clearing Corporation (OCC) is the world’s largest equity derivatives clearing house. It is designated by the US government as a SIFMU—a Systemically Important Financial Market Utility—and acts as a guarantor between clearing parties, ensuring that the obligations of the contracts it clears are fulfilled. It currently moves billions of dollars a day clearing equity options and stock loan transactions.
As a SIFMU, the OCC was required by the US government to have complete control and visibility over its end-to-end processes. OCC implemented Appian across its legal department for regulatory filing processes, corporate actions, and new product development. Before Appian, the OCC processes were based on spreadsheets and email, and teams lacked complete visibility into processes. With Appian, the OCC was able to provide clear documentation to auditors for process decisions and actions. The OCC now has end-to-end tracking of processes, has achieved digital agility to quickly adapt processes to new regulations, and is applying automation in key processes to drive greater process efficiency.
