WHO WE ARE
The ARC is a coalition of financial services firms working together to identify, prioritize, and mitigate systemic risk to the nation’s most critical infrastructure. The ARC delivers actionable solutions which reduce systemic risk.
Members
Our member firms are owners and operators of the nation’s most critical financial infrastructure.
View Our Full List of Members
- AIG
- Bank of America
- BlackRock
- BNY Mellon
- Citi
- The Clearing House
- Cloudflare
- CLS Group
- CME Group
- The Depository Trust & Clearing Corporation (DTCC)
- Fannie Mae
- Federal Reserve Financial Services
- Fidelity
- Fiserv
- Freddie Mac
- Goldman Sachs
- Intercontinental Exchange
- Jack Henry
- JPMorgan Chase & Co.
- Mastercard
- Morgan Stanley
- Nasdaq
- The Options Clearing Corporation (OCC)
- PNC Bank
- Prudential
- State Street Corporation
- SWIFT
- US Bank
- Wells Fargo
Leadership
Scott DePasquale
President and CEO
Scott DePasquale
President and CEO
Scott DePasquale is President & CEO of the Analysis and Resilience Center for Systemic Risk (ARC). In his current role, DePasquale leads a coalition of systemically important banks and financial market utilities to reduce cyber risk and to improve the resilience of digitally connected systems critical to our economic and national security.
Prior to joining the ARC, DePasquale was a general partner at New York based venture capital firm Braemar Energy Ventures, where he funded and built numerous technology companies spanning sustainable energy, mobility, and infra-tech. DePasquale served on Braemar’s investment committee for eight years and served as Chairman and CEO of Utilidata—a Braemar portfolio company delivering digital automation and cybersecurity solutions to the power utility sector.
Prior to his role as a venture capitalist at Braemar, DePasquale was a senior vice president at GE Capital, where he led the group’s Boston-based energy technology investments. In this capacity, he worked closely with scientists and engineers across GE’s corporate R&D center, as well as executives from various internal businesses, to identify and commercialize transformative technologies. Before joining GE, DePasquale spent several years managing analytics and international dispute resolution for an energy security think tank. He started his career as a trader in the energy and financial sectors.
DePasquale previously served as Chairman of the Rhode Island Homeland Security Advisory Board, and as Chairman of the Rhode Island Cybersecurity Commission, appointed by Governor Gina M. Raimondo. He holds a Master of Arts in International Relations and Affairs from the Fletcher School of Law and Diplomacy at Tufts University, a Master of Science in Finance from Suffolk University, and a Bachelor of Science in Business Administration from Bryant University.
Todd Sullivan
Chief Risk Officer, Financial Services
Todd Sullivan
Chief Risk Officer, Financial Services
D. Todd Sullivan serves as Chief Risk Officer for Financial Services of the Analysis and Resilience Center for Systemic Risk (ARC). In this role, Todd leads a coalition of systemically important Financial Services entities in the identification, analysis, and mitigation of systemic risk to improve the resiliency of the US financial system.
Todd brings over 20 years of experience in leading global teams in Operations and Risk Management for major financial services organizations across multiple asset classes.
Prior to joining the ARC, Todd served as the Head of Business Unit Risk Management for the Fixed Income Sales and Trading business in the Americas for Morgan Stanley. He led a team responsible for First Line of Defense controls and supervision, Trade and Conduct Surveillance, Operational Risk Management, Audit, and Regulatory Engagement, new product and business review and approval, and Electronic Trading Risk Management. He served on the Conduct Risk Committee for Fixed Income, the Firm’s Americas Franchise Risk Committee, Operational Risk Oversight Committee, Enterprise Risk Oversight Committee, and co-chaired the Residential Mortgage Risk Committee. Prior to his role in the Fixed Income Business, Todd was the global head of Securities Operations across the Institutional Securities Group. His teams were responsible for all operational support of the cash Equity, Fixed Income, Client and Firm Financing, and Syndication businesses.
Todd joined Morgan Stanley in 2004 after almost 10 years in Operations at Lehman Brothers. Throughout his career, he has served in numerous leadership roles across the industry, serving as the firm’s lead representative on issues such as the redesign of the CDS contract, Central Counterparty Clearing, derivative portfolio compression, and serving as the chair of numerous industry efforts through SIFMA/BMA, ISDA, and the CUSIP Service Bureau. Todd Chaired the Corporate Credit Markets Operations group at the BMA, served on numerous SIFMA working groups and committees, chaired the Credit Implementation Group at ISDA, and has served on the CSB board for more than 10 years (most recently as its Chair).
For more than 10 years, Todd has served on the Boards of Lincoln Hall Boys’ Haven and the LH Foundation. He serves as the treasurer of both organizations and as a member of the Executive Committee of the boards. Since 1863, Lincoln Hall has served the needs of disadvantaged and at-risk youth. Lincoln Hall provides education, structure, and support to young men and their families with the hopes of creating a future of promise and opportunity.
Todd holds a Master of Business Administration from New York University’s Stern School of Business with concentrations in Finance and Operations Management, and a Bachelor of Arts from Villanova University.
Richard Hoch
Head of Intelligence Programs
Richard Hoch
Head of Intelligence Programs
Richard Hoch is the Head of Intelligence Programs at the Analysis and Resilience Center for Systemic Risk (ARC). In this position, Rich collaborates with US government agencies and ARC members to address threats to critical financial systems and geopolitical risks to business operations that underpin national and economic security.
Rich brings over three decades of experience in addressing intelligence and national security priorities. Before joining the ARC, Rich served as a senior executive at the Central Intelligence Agency (CIA) and as a counselor at the Department of State. In these roles, he advised senior leaders on the national security risks facing the United States and its allies and opportunities to advance shared interests.
Rich’s senior CIA assignments include leading its global analytic program as the Director for Analysis (DA), where he integrated all sources of collection to deliver actionable and objective insights to senior policymakers and warfighters as the nation confronted numerous international crises and strategic security challenges.
Rich also served as the Agency’s Chief Strategy Officer and delivered the first strategic roadmap after the CIA’s transition to a matrix structure and built and guided the CIA’s first business analysis program at the enterprise level.
Rich’s other CIA assignments include leadership roles in the Counterterrorism Center, where he collaborated with colleagues to create innovative and sustainable programs to disrupt threats and degrade terrorist capabilities after the attacks on 11 September 2001. As US and Coalition forces approached peak levels in Afghanistan, Rich also led a new analytic program on South Asia. His early analytic responsibilities covered foreign defense industries, arms and technology transfers, conventional weapons, and regional crises.
In recognition of his accomplishments, Rich received the CIA’s Distinguished Career Intelligence Medal, four Director’s Awards for Excellence, the George H. W. Bush Award for Excellence in Counterterrorism, and two Presidential Rank Awards.
Rich holds a Master of Science Degree in Aeronautical Engineering from the University of Southern California, and a Bachelor of Science Degree in Aerospace Engineering from the University of Illinois at Champaign-Urbana, where he received the Bronze Tablet Award for graduating in the top three percent of his class and a Distinguished Alumnus Award for his contributions to national security.
Douglas "Doug" Lemott Jr.
Head of Cybersecurity Programs and Chief Information Security Officer (CISO)
Douglas “Doug” Lemott Jr.
Head of Cybersecurity Programs and Chief Information Security Officer (CISO)
Douglas “Doug” Lemott, Jr. is the Chief Information Security Officer (CISO) for the Analysis and Resilience Center for Systemic Risk (ARC). In his current role, Doug is responsible for developing and implementing secure and compliant technology solutions and infrastructure to support ARC member collaboration to address systemic risk to critical functions that support our economic and national security.
Doug is a highly accomplished and results-driven executive with over three decades of cybersecurity and IT experience. Before ARC, he was VP of Security Operations/Deputy CISO at Enterprise Security at SAP National Security Services (SAP NS2), where he established and executed an advanced cybersecurity program to ensure technology, applications, and supporting infrastructure were protected against persistent adversarial threats. He also served as VP of Secure Cloud Multi-Tenant Engineering, Operations, and Delivery – overseeing multi-tenant cloud infrastructure’s strategy, design, and deployment for compute, storage, and network systems to support SAP Platform products globally.
Prior to SAP NS2, Doug was the Director of Security and Compliance at VMware for the government, education, and healthcare (GEH) sector. He provided strategic guidance to corporate and business unit priorities to meet cybersecurity and compliance requirements (FedRAMP, FIPS, HIPAA, etc.). He joined VMware after retiring from the U.S. Marine Corps with 27 years of service.
In the Marine Corps, Doug supervised network installation, operation, maintenance, and security of networks (data, voice, and video) to support command-and-control functions. He led the Marine Corps Cyberspace Operations Group (MCCOG), overseeing the security, operation, and defense of the Marine Corps Enterprise Network (MCEN) with over 300K subscribers. He oversaw the Network Operations Center and the Security Operations Center, executing defensive cyberspace operations to protect the MCEN and Marine Corps data from persistent adversarial threats. In his final role, he led the branch responsible for executing Chief Information Officer (CIO) and CISO functions for the Marine Corps and supported the Marine Corps Authorizing Official.
Doug holds a Master of Science Degree in National Security Strategy from the National War College/National Defense University, a Master of Science in Computer Science from the Naval Postgraduate School, and a Bachelor of Science in Computer Science from the U.S. Naval Academy.
Charlene Balfour
Head of Product Delivery, Financial Risk Programs
Charlene Balfour
Head of Product Delivery, Financial Risk Programs
Before joining Wells Fargo, Charlene was the Global Head of Enterprise Utilities at BNY Mellon, where she was responsible for leading transformation and driving operational efficiencies across six enterprise-wide utility functions, including Tax, KYC, Client Activation, Contracts, Billing, and Reconciliations.
Earlier in her career, Charlene served as Managing Director of Wholesale Client Onboarding for Digital Platform Services at JPMorgan Chase, where she defined and executed the strategic vision for major regulatory remediation efforts, operational transformation initiatives, and the development of scalable technology platforms.
Charlene holds a Bachelor of Science in Mathematics and Computer Science from Howard University and completed an Advanced Leadership Initiative fellowship at Harvard University. She is also a U.S. patent holder for a pioneering AI and natural language processing technology in client onboarding.
In addition to her professional accomplishments, Charlene is deeply committed to civic engagement. She currently serves as Co-Chair of the Board of Directors for GrowNYC, one of New York City’s largest environmental non-profits. She is also a member of both the Women’s Forum of New York and the International Women’s Forum.
Her contributions have been recognized by leading organizations, including honors as a Black Achiever in Industry by the Harlem YMCA and as a Technology Catalyst by the Council of Urban Professionals.
Indre Conners
Director of Finance and Administration
Indre Conners
Director of Finance and Administration
Indre Conners serves as the Director of Finance and Administration for the Analysis and Resilience Center for Systemic Risk (ARC), where she is responsible for finance, human resources, and administration. Conners is a strategy focused, data driven, and results oriented finance professional with more than 20 years of experience.
Before joining the ARC, Conners oversaw accounting, financial planning, compliance, and risk management at MERSCORP Holdings, Inc. (MERS) – which operates the largest registry for documenting and transferring mortgage loans in the US. Conners was responsible for MERS’ strategic planning, valuation, tax strategies, and was instrumental in the acquisition of MERS by Intercontinental Exchange (ICE) Mortgage Technology.
Conners has significant experience throughout her career implementing comprehensive financial and growth strategies, building scalable finance and accounting functions, and implementing ERP platforms for both mortgage lenders and accounting software companies.
She is a Certified Public Accountant (CPA), a Certified Valuation Analyst (CVA), and a Project Management Professional (PMP). Conners holds a Master of Business Administration from Kaunas University of Technology, Lithuania with concentration in Finance, and a Bachelor of Arts from Vytautas Magnus University, Lithuania.
Jonathan Forman
Senior Director, Financial Services
Jonathan Forman
Senior Director Financial Services
Jonathan Forman serves as the Senior Director for Financial Services at the Analysis and Resilience Center for Systemic Risk (ARC). In this role, he collaborates with industry leaders to strengthen the stability of the US financial system, including efforts to enhance the resilience of systemically critical payment systems.
Jonathan has brought more than 15 years of experience from JPMorgan Chase, offering deep expertise in financial risk, balance sheet strategy, and contributions to high-impact initiatives that have established him as a leader in systemic resilience. His experience spans the Treasury and Chief Investment Office, where he developed a strong foundation in complex capital and liquidity management.
Jonathan previously served as Head of Intraday Liquidity, where he led a critical operation that delivered liquidity management solutions during the Regional Banking Crisis to support firm-wide decisions. His leadership ensured the firm’s continued stability and readiness during a challenging period, resulting in his nomination to represent JPMorgan Chase in a prominent ARC payments workstream.
Jonathan’s other assignments include leading common stock repurchases and the tactical optimization of a large-scale liability portfolio through callable capital markets activity. After halting repurchases during the COVID-19 pandemic, he pivoted to support liquidity, helping JPMorgan Chase navigate economic uncertainty with a further resilient balance sheet.
In his early career, Jonathan contributed to strengthening risk management in the Chief Investment Office after the London Whale event. His work improved tools, processes, and models to help the firm meet regulatory risk management and stress testing requirements, sharpening his skills in high-stakes financial operations.
With an MBA in Quantitative Finance from NYU Stern School of Business, Jonathan blends analytical precision with practical execution, delivering impact that makes him a vital contributor to ARC’s mission. His career reflects a steadfast commitment to building resilient financial systems, ensuring the industry can withstand evolving challenges through strategic and operational expertise.
Sean M. May
Senior Director, Cyber Programs
Sean M. May
Senior Director, Cyber Programs
Sean May is the Senior Director of Cyber Programs at the Analysis and Resilience Center for Systemic Risk (ARC). In this role, he collaborates with technology providers, government partners, and industry members to establish new cyber intelligence channels for ARC members and create a framework for data collection and analysis to mitigate cyber risks.
Sean comes to us after serving as the Director of Cybersecurity Operations for SAP NS2. He led the Security Operations Center (SOC) providing 24×7 Incident Response, advanced cyber capabilities including Threat Intelligence, Threat Hunt, Threat Detection, and Exposure Management teams.
Sean previously served as the Director of Cybersecurity, Planning and Operations for the White House within the Office of the National Cyber Director (ONCD), Executive Office of the President (EOP). During this time, he provided direct input to national level cyber policies on behalf of the National Cyber Director and the President of the US. Sean was a key member of the team that published the National Cybersecurity Strategy and follow-on implementation plan.
Sean earlier served as the Deputy Chief of Cybersecurity Operations for the Administrative Offices of the US Courts, where he oversaw the Security Operations Center, incident response, threat intelligence, and cyber adversary tactics (Red Team Operations) for the third branch of government, the Federal Judiciary. Sean also established the Judiciary’s first Cyber Threat Intelligence Center and created the policy and guidance for implementing the Judiciary’s Insider Threat Program.
Sean developed his expertise in cybersecurity operations during his service in USCYBERCOM as a Joint Operations Cyber Planner, focusing on cyber response planning related to threats across the Pacific theater of operations. Sean also held senior technical positions across the Intelligence Community, directing collection and production efforts of Cyber/SIGINT/EW intelligence analysts focusing on East Asia and the Middle East. He retired after serving 24 years in the US Army after countless deployments across the world providing peacekeeping, humanitarian assistance, disaster relief, and leading soldiers on multiple combat tours in Iraq and Afghanistan.
Sean has been married to his wife Julie for over 30 years, and they have five children.
Russ Fitzgibbons
Senior Financial Services Risk Advisor
Russ Fitzgibbons
Senior Financial Services Risk Advisor
Russ Fitzgibbons is the Senior Risk Advisor for Financial Services at the Analysis and Resilience Center for Systemic Risk (ARC). Russ was previously seconded to the ARC’s predecessor organization, the Financial Systemic Analysis and Resilience Center (FSARC), from 2017-2019 to manage its Risk and Resiliency function from JPMorgan Chase, where he was a Managing Director.
Prior to joining JPMorgan Chase, Russ was the Executive Vice President and Chief Risk Officer for The Clearing House, a Systemically Important Financial Market Utility, where he was responsible for Enterprise Risk Management, Information Security, and Business Continuity. Prior to joining The Clearing House, Russ held a number of positions at Deutsche Bank, including the Global Head of Cash Operations, an area responsible for the successful processing of all payment and payment-related transactions including high-value payments, ACH transactions, and checks worldwide.
Russ has more than 30 years of management experience in various operations, payments, and payments-related services.
Wayne T. Greene, CISSP
Security Advisor
Wayne T. Greene, CISSP
Security Advisor
Wayne has been in the field of information assurance for more than 25 years, spanning careers within the US military, public, and private sectors. He serves as a Security Advisor for the Analysis and Resilience Center for Systemic Risk (ARC). Prior to his advisory role, he served the ARC as the Chief Information Officer and Chief Security Officer.
Prior to joining ARC, Wayne was Chief Information Systems Security Officer for KeyPoint Government Solutions, where he was directly responsible for the creation, implementation, management and oversight of the company’s information security and incident response programs. This role included all activity necessary to accredit sensitive US Government networks via the Federal Risk Management Framework’s assessment and authorization process.
Wayne previously served as Chief Information Security Officer and Director of Cyber Security at General Dynamics Corporation with direct executive management oversight of the entire information security program across all domestic and international business lines. In that role, Wayne represented General Dynamics on the Defense Industrial Base Sector Coordinating Council and served on numerous US Government working groups and task forces to define cybersecurity best practices, policies, and disruptive technologies to better protect US national security interests.
Wayne developed his expertise in Information Assurance as a Special Agent within the Federal Bureau of Investigation and as a member of the United States Air Force. Within his bureau career, he was selected for numerous specialty assignments related to foreign counterintelligence and cyber investigative matters, held various supervisory roles, and ultimately served as Head of the FBI Counterintelligence Division’s Cyber and Telecommunications program to counter threats posed by foreign state actors in matters with a counterintelligence and cyber nexus. Wayne has also held positions as a nuclear engineer, petroleum engineer, environmental engineer, and police officer.
Wayne is a Certified Information Systems Security Professional. He is a nuclear engineering graduate and is pursuing advanced degrees in Enterprise Architecture along with Information Assurance and Cybersecurity.
Lester Owens
Board Advisor
Lester Owens
Board Advisor
Lester Owens is a Board Advisor at the Analysis and Resilience Center for Systemic Risk (ARC). Lester was previously a Senior Executive Vice President and former head of Operations at Wells Fargo & Company, responsible for building a more unified, more integrated approach to Wells Fargo’s business operations functions. He served on the Wells Fargo Operating Committee and was based in New York. Lester managed a team of more than 80,000 employees globally across Corporate & Investment Banking, Commercial Banking, Wealth Management, Consumer Banking & Shared Services.
Lester has more than 30 years of leadership, risk management, and operations experience in the financial services industry. He joined Wells Fargo from Bank of New York Mellon, where he served on the Operating Committee and was Global Head of Operations, responsible for a team of 20,000 employees supporting every stage of the client investment lifecycle, including initiation, account creation, trading, clearing and settlement, and asset servicing.
Prior to joining Bank of New York Mellon, Lester spent 10 years at JPMorgan Chase, where he was responsible for Global Wholesale Banking Operations, among other roles. He previously led significant operations functions for Deutsche Bank, Citibank, and Bankers Trust.
He has held various Board seats including the Board of Directors of the Depository Trust & Clearing Corporation (DTCC) in 2016 and he chaired the Clearing House Interbank Payments Systems Board in 2015 to 2016. He is currently Chairman of the Board of Directors of Robert Wood Johnson Barnabas Health, Inc., the leading academic health system in New Jersey. Additionally, Lester is member of the Board of Directors of Fidelity Mutual Fund and Chefs’ Warehouse.
Lester is a graduate of Long Island University and the Fairleigh Dickinson Executive MBA program.
The ARC Team
The ARC Team is driven by our mission to reduce systemic risk to the critical functions that support our economic and national security.
Our shared commitment to cross-sector, critical infrastructure resilience with industry and government partners strengthens the collective defense of the nation’s most critical infrastructure.
We dedicate our expertise in operational and technical risk management to develop actionable solutions which improve the resiliency of the financial services.
Board of Directors
Craig Froelich, Chair
Chief Technology Officer,
Bank of America
Chief Information Security Officer,
Citi
Matthew Chung, Treasurer
Chief Information Security Officer,
Head of Technology Risk,
Goldman Sachs
Timothy J. Cuddihy
Group Chief Risk Officer,
The Depository Trust & Clearing Corporation
Jennifer Ewbank
Independent Director,
National Security Executive
Tracy Harrington
Executive Vice President,
Chief Information Officer,
Federal Reserve Financial Services
Elizabeth Joyce
Chief Information Security Officer,
State Street Corporation
Chief Information Officer and
Chief Product and Technology Officer,
Wells Fargo
Global Chief Information Security Officer,
JP Morgan Chase
Chris Porter
Chief Information Security Officer,
Fannie Mae
Chief Information Security Officer,
BNY Mellon
Katherine Wetmur
Chief Information Officer,
Cyber, Data, Risk, Resilience,
Morgan Stanley
Scott DePasquale
President and CEO
Corporate Secretary
Analysis & Resilience Center for Systemic Risk