Doug Clarence is a senior consultant in risk management and transformation who has worked across all three Lines of Defence, specialising as a risk and control partner to trading desks and sales. He was the EMEA COO for Securities Financing at Morgan Stanley during the Subprime crisis of 2007-2008. As Global Control Officer (Sales and Fixed Income) at HSBC from 2016 to 2022, he worked closely with the business to manage risk and client expectations during various moments of intense market volatility, which required long hours and clear heads from all involved. The lessons learned from these events have benefited all three Lines of Defence and highlighted the need for documented processes. However, being ready for a crisis requires more than robust frameworks and commitment – Are we ready for the next one?
