It was great to be back together in NYC with the CFA Society NY last night for our annual dinner at the Mandarin Oriental! Gathering to discuss the state of the markets, changes and improvements to the investment management landscape, and simply catching up with old friends made for a really enjoyable evening - thank you to the society for hosting this enriching event once again!
Monticello Team Celebrates Festival of Lights
The Monticello team met up yesterday for another exciting social event. It was a great opportunity to participate in an interactive session to learn about Diwali and celebrate the Festival of Lights. The team brought in a great assortment of authentic sweets and savories and thoroughly enjoyed the opportunity to get creative with rangoli mandalas. Check out a few our our bright and creative expressions below! Thank you to Rebecca Smith for pulling together another great virtual event and to everyone who participated.
Feeding Families Thanksgiving Drive!
The pandemic has affected so many areas of our lives: prices, availability, and the way we shop. For our youth and families who were already struggling with food insecurity, and in some cases loss of employment, these changes make the holidays particularly hard. This year we’re working together early and asking for your support - please join us for the Children’s Village’s Feeding Families Thanksgiving Drive. Every family deserves a Thanksgiving to be thankful for! Donate - The Children's Village (childrensvillage.org)
Part 2 - Children's Village 2021 Golf & Tennis Classic
Part 2 of the Children’s Village Golf & Tennis Classic was a fantastic day on the courts! Thanks to all of our co-sponsors, players, and teammates who made yesterday possible, raising over $100,000 to support the CV vital programs in our community! Please join us in supporting the CV today - Donate - The Children's Village (childrensvillage.org)
Monticello Team Joins Discussion on Monetizing Your Data Assets
Monticello Consulting Group joined Gartner’s discussion on Monetizing Your Data Assets with Data-Driven Innovation. As data monetization creates new business value and quantifiable economic benefits for organizations, it’s critical to adopt a deliberate and systemic approach to discovering and implementing new monetization opportunities. Key discussion points included: how to identify business opportunities for data monetization, what approaches to adopt for data-driven innovation management, and how to deal with pitfalls and misconceptions for data monetization. The Monticello team understands how essential it is for organizations in this process to be able to measure the value of data assets, find ways to modify business models for revenue growth, look for strategies and real-world use cases for inspiration, and balance the values and risks derived from data. Additionally, the discussion highlighted useful design thinking processes to help organizations identify various ways to generate economic benefits from data: while direct monetization practices such as trading with information would create tangible revenue, indirect monetization methods should not be overlooked which generate valuable intangible assets that will enhance organizational performance, branded indexes, and customer relationships. The Monticello team welcomed the opportunity to discover new ways to maximize business values through data-driven innovation and we look forward to working with our clients to help them achieve data monetization success.
Team night at Citi field with the Mets!
Our team enjoyed another fun outside gathering together - this time to watch the Mets play the Marlins at Citi Field! Cracker jacks, french fries, cheers and good chats filled the evening at the game - thank you to all who were able to join us and looking forward to the next time.
Monticello Joins Conversation on Digital Payments
Monticello is excited to participate in the American Banker’s Card Forum today. As everyone has adapted to the new normal over the last year, we’ve learned so much about customers’ behaviors and needs. The ongoing proliferation and evolution of digital solutions in the payments sector continues while adding new competitors and products at a record pace.
With the potential regulatory changes around privacy and security, it is incredibly important to ensure the we don’t lose sight of convenience and ease of transaction. Customers demand elegant digital solutions that are easy to use and maintain their financial security - providers that don’t keep an eye towards the design of the solution risk losing their share of market. The Monticello team looks forward to leveraging our latest insights to design digital payment solutions that align with changing customer desires.
Monticello Team Supports Children's Village 2021 Golf and Tennis Classic
Monticello would like to thank the entire Children’s Village team for putting on such a great golf event at the St. Andrew’s Golf Club yesterday. It was great to see so many participants join in to support the CV! We can all agree that the CV is an amazing organization that Monticello is honored to partner with and support, as they continue to uplift the community through all of their vital programs. Good times were had by all - new friends and old - as we were able to convene in person this year for a great afternoon on the course and over dinner at this historic venue. Cheers!
Sponsors
St. Andrews
Golf Club
Celebrating Hispanic Heritage Month with Phyt Cares Puerto Rico!
As a Hispanic-Owned business, we are so excited to celebrate Hispanic Heritage Month! To us, celebrating Hispanic Heritage Month involves supporting our community, and one of our favorite Hispanic focused organizations, Phyt Cares - who works to educate our youth in New York City, Puerto Rico and throughout the U.S. through fitness. Please join us in uplifting the Hispanic community with Phyt - Phyt Cares | BetterUnite
Recognizes Team For Entrepreneurial Spirit
The Monticello team would like to thank Mohamed Ismail for his relentless pursuit of firm growth across 2021. Throughout the last year, Mohamed has continued to drive activities that support firm development from referrals and conducting interviews to supporting business development activities and RFPs. Additionally Mohamed leads our Digital Transformation practice area and has been quick to author thought leadership insights and contribute to our capabilities supporting critical topics such as IBOR transformation. Thank you Mohamed for your entrepreneurial spirit and constant drive to help Monticello grow.
In recognition of Mohamed’s commitment to success, he attended the US Open 2021 Women’s Final to watch the epic battle between fellow Canadian Leylah Fernandez and Emma Raducanu. Thanks again Mohamed and keep up the great work!
Monticello Team Earns Design Thinking Certification Through UVA Darden
The Monticello team successfully completed Design Thinking certification with the University of Virginia - Darden School of Business. The team collaborated with other thinkers, strengthened their problem-solving mindset and learned innovative approaches for creating and implementing new ideas. Throughout the course, the team evaluated a spectrum of possibilities and used the best ideas to generate solutions for their unique business challenges. The Monticello team looks forward to applying the latest in design thinking and innovation strategies to solve complex problems across the Financial Services industry as we lead our clients successfully though their Change Management initiatives in the coming years!
Discussion on What Boards Need from CIOs on ESG Initiatives
The Monticello team joined Gartner’s conversation on What Boards Need from CIOs on Environmental, Social and Governance Initiatives. Technology organizations must be aware of what ESG is and be prepared to inject data and insight that will help the enterprise improve access to capital, cost of capital, operating costs, and ultimately stock performance. Data is at the core of ESG and Boards want CIOs to 1) Help firms start an ESG program 2) Improve data quality, traceability, and accessibility, and 3) link digital to sustainability. Strong ESG programs offer many benefits including financial of course but also in the area of talent acquisition. The Monticello ESG team looks forward to working with our many clients as they embark on their ESG journey through technology implementation efforts to help automate ESG data collection to improve quality and traceability tied to materiality issues.
Monticello Leadership Team Convenes to Discuss the State of LIBOR
The Monticello Consulting Group LIBOR Center of Excellence (COE) team conducted their monthly summit earlier this week. The team spent time discussing the most recent regulatory guidelines and milestones across the various LIBOR benchmarks. One recurring theme discussed was the deviation in market adoption and banking institution momentum related to the various risk-free alternatives. We continue to see instances where SOFR and SONIA gain liquidity and volume along with credit risk sensitive alternatives such as BSBY, AMERIBOR and others.
The LIBOR COE team explored drivers for this dichotomy including the analysis of industry charts depicting the spreads of SOFR to USD LIBOR being far greater than the spreads of SONIA to GBP LIBOR and what are causing the variance in spread. In addition, we explored the introduction of term SOFR and the impact this will have on gaining acceptance and adoption in the U.S. loan market.
As consultants, the Monticello team understands the importance of being at the forefront of change and keeping our clients on top of the latest industry trends. For the latest LIBOR news, insights, and transition timelines, please visit our (L)IBOR Center of Excellence here.
Monticello Team Joins Discussion on ESG Risks
When it comes to managing ESG risks, effective leadership and strong managerial practices are crucial. Introducing strong board oversight principles improves operational resilience, refines risk management techniques, and strengthens firmwide coordination. This week, Monticello attended Ceres’ discussion on ESG Risks and Best Practices for Board Oversight, which emphasized the importance of diversity in management and leadership integration.
Diverse boards and leadership teams are “better at risk oversight,” largely due to the fact that they represent a wider range of communities potentially affected by a firm’s operations. This diversity in background translates to diversity in perspective and diversity in thought, ultimately yielding a stronger, more resilient management team. Firms that prioritize diversity find themselves better equipped to handle risks, shocks, and turbulence. Managing ESG risks might start with diversity in leadership, but it’s equally reliant on the proper integration of leadership into the workforce.
The Monticello team looks forward to continuing to support our financial services industry clients on their ESG initiatives as they continue to transform their operations.
Supporting the CV School Drive!
As we get closer to the school year kicking off, we are pleased to help support another important school drive with one of our community partners - the Children’s Village! Students undoubtedly need the right tools to focus on their studies but often this isn’t easily done, so please consider joining us in making an impact in classrooms and for children in need today - The Children's Village (mobilecause.com)
Monticello Team Enjoys A Day on the Links
This weekend several members of the Monticello team got together to enjoy a day on the links. It was the perfect day to see everyone in person for the very first time and in other cases for the first time in a year and half! It was quite enjoyable to catch up on family, sports, food and everything in between! As usual, the victor was determined on the very last hole. We even had a chance to recruit the competition during the round which made for a lot of laughs. Thanks to the team for making the trip to Neshanic Valley and we are looking forward to continuing to host our team and clients throughout the summer!
Monticello Joins Conversation on Strengthening Digital Dexterity
The Monticello team recently joined a Gartner conversation on Strengthening Digital Dexterity to Accelerate Transformation. If you are struggling with your digital transformation, you’re not alone—only “7% of R&D leaders report high levels of progress on digital change.” That’s the bad news. The good news is that most corporations find it hard to get their arms around digital transformation because of a fundamental misconception, and it’s one that’s easy to remedy.
Traditionally, effective digital transformation is viewed as a bipartite concept, consisting of the technologies in question (from machine learning to 3D printing) and the skills needed to implement them. The missing link between the two, however, is digital dexterity, which comprises an open mindset, an agile mentality, and technological savvy. Digital dexterity is less a roadmap for implementing change, and more a frame of mind; adopting it allows corporations to fluidly respond to digital advancements and changing industry standards. By moving away from a prescriptive blueprint, and towards a more holistic approach to digital transformation, corporations can revolutionize their processes.
This carries tangible benefits beyond efficiency, too; digital dexterity “high performers” can accelerate transformation, and are likelier to give high discretionary effort. Cultivating an environment which fosters digital dexterity, and actively encourages employees to adopt it, results in a more adaptive and effective company as a whole. The Monticello team looks forward to engaging with our clients to accelerate their transformations through strengthened digital dexterity!
Monticello Team Enjoys Another Great Social Event
The Monticello team celebrated Bastille Day with a virtual wine tasting hosted by a professional sommelier from ‘In Good Taste’. The team took a tour of Washington state, the nation’s second largest producer of wine, by sampling a range of 6 wines from Pinot Gris to Rose to Cabernet Sauvignon. With the remote working environment continuing, this event offered a great opportunity for our team to connect virtually and share some laughs. We also volleyed questions back and forth with our sommelier which made the tasting very educational and interactive. We even provided the non-wine drinkers with a tasty alternative - Baked by Melissa cupcakes - to make sure everyone could join in on the fun. Thanks to all who participated in the event and our partners at In Good Taste in making this yet another successful event on the Monticello social calendar!
Joining a Discussion on Operational Resilience in a Post-Pandemic World
The COVID-19 pandemic has been transformative. It’s changed the way we live, and revolutionized the way we work, but its single most significant effect on the financial services industry might well lie in how much it’s contributed to an increased focus on operational resilience - a firm’s ability to withstand a shock, and maintain operational effectiveness in the face of a crisis. The Monticello team recently joined Risk.net’s most recent discussions on operational resilience, each of which explored a unique set of considerations and adopted a multifaceted approach towards the field.
The first discussion, Unlocking the potential of a firm-wide and systematic approach to operational resilience, focused both on firm-specific considerations and on industry-wide trends and changes. Throughout the discussion, panelists emphasized a top-down approach to operational resilience, stressing the importance of proactive, engaged C-suites (and citing the success of firms that enjoyed strong leadership during the early stages of the pandemic.) The discussion also revolved, in part, around regulation; an increasingly collaborative dynamic between corporate executives and regulators has carried tangible benefits for the financial industry as a whole, with regulators growing less prescriptive, and executives growing more comfortable with implementing and maintaining guidelines. We’d be remiss, of course, if we didn’t touch on technology, which—with the advent and adoption of work-from-home—is more important than it ever has been. Cyber-resilience is an excellent litmus test for an organization’s operational resilience as a whole, as evidenced by the (occasionally rocky) transition to a virtual working environment last year.
This brings us to the second discussion, Operational resilience: Driving excellence and effective measurement in financial services, which also opened with a discussion of cyber-resilience, and drove the point home with a fairly alarming statistic: the past year has seen a 900% increase in ransomware, largely due to the virtual environment we now work in. Operational resilience is must be looked at holistically. There is no one-size-fits-all approach to it or a complete checklist corporations can work their way through to create an airtight resilience plan. Rather, by focusing on developing and maintaining dedicated operational resilience groups, broadening the perspective beyond the firm and into the industry, and understanding customer needs and outcomes, firms can build better operational resilience, and inoculate themselves against the inevitable industry shocks to come.
We look forward to continuing to work with our clients to build their operational resilience in a fast-changing world.
Welcoming Monticello's Summer 2021 Interns!
Monticello’s annual summer internship program has officially kicked off and we are excited to welcome this year’s students! Our internship program is so important to us in regards to lifting up the community, as giving students mentorship and the opportunity to learn about the financial services and consulting industry, while exploring their own career goals is invaluable. We learn from them as well, given their fresh approach to the professional world! : )
Julia is one of Monticello’s 2021 interns, joining us from the Honors College at Elon University, majoring in Business and Chemistry. Julia looks forward to getting exposure to the business world and working with the Monticello team -welcome to the MCG internship program Julia!