Witad Awards 2024: Vendor professional of the year (trading and risk)—Mina Wallace, SS&C Algorithmics

How long have you been working in the financial services industry?
Mina Wallace, general manager and senior vice president of the risk management business unit, SS&C Algorithmics: I’ve been in the general industry, including financial services, since 2005.

How did you get into the industry? Was it a conscious decision or did you “fall” into it?
Wallace: From early in my career, I had an affinity for technology-enabled business management and operations and given that financial services is a large consumer of technology, it was a natural industry for me to focus on.

What does your day-to-day role entail?
Wallace: I manage the design, development, implementation, and support of risk management software applications for the capital markets and corporate credit, insurance and asset management.  Clients are medium and large regional and global institutions. I spend my time on the following: planning, budgeting, managing/pivoting and revising; employee challenges, given a team of 400 people in 20 countries globally, so dealing with mobility, performance, attrition and recruitment; engaging with clients, both formally on regular steering committees and possible client issues or opportunities with sales processes and implementations; evaluating product strategy and managing that accordingly; evaluating potential acquisition opportunities; and supporting and implementing marketing plans. In short, I deal with problems, opportunities and corporate planning/process around budgets, etc.

What single project/piece of work are you most proud of during your career in the industry to date?
Wallace: The origin of the business unit that I manage was a company started by Ron Denbo in 1989: Algorithmics. The company has been acquired and divested numerous times. I was pivotal in the integration of Algorithmics into a major acquirer (IBM) and the subsequent divestiture and integration into SS&C. Multiple acquisitions take their toll on a business and we have managed to retain clients and people, and we continue to have a brand in Algorithmics that continues to be recognized globally. The average employee tenure is 10-plus years, despite three major acquisitions. Client retention was significantly impacted through the IBM years, but has been stemmed and is now growing again.

Many of the most successful people in the organization are women and this is not from a formalized framework or special focus, but generally due to an environment that is supportive to all who are committed to the objectives of the company

What are you currently working on and what makes it significant in the context of your position?
Wallace: Our industry (risk management) has gone through significant consolidation and shifts in the role of risk management within financial institutions, and this is all underpinned by significant changes in technology. The application of intelligent automation, artificial intelligence and GPT will underpin the business processes within financial services and risk management going forward. The rapid adoption of cloud computing by financial institutions is well underway. Migrating functional solutions and building new solutions for this paradigm is my primary focus.

To what extent were you helped during your career by a mentor/role model within the business?
Wallace: I had several mentors early in my career who appreciated the fact that I was self-directed, embraced change, and not afraid to take on the controversy of making changes in an organization or with products and investments. I also worked with a group of like-minded women who were not afraid to build a career in a largely male-dominated world. I had early success and developed a sense of confidence from both influences.

To what extent does your firm have a formalized framework that seeks to identify and promote talented women and ensure they have every opportunity to realize their ambitions and contribute to the business?
Wallace: My company is a meritocracy. Decisions are not filtered according to gender. Many of the most successful people in the organization are women and this is not from a formalized framework or special focus, but generally due to an environment that is supportive to all who are committed to the objectives of the company.

What is the most valuable lesson you’ve learned so far during your career?
Wallace: Look for talent and foster it because it is not always in the most obvious place. Give people a chance, but don’t tolerate non-performers. Be honest/direct with people you work for and who work for you, and of course with clients, too.

What would you advise women just entering the industry?
Wallace: Don’t be intimidated because you may be in a minority group. Don’t apologize for being a women or a mother, but don’t think that either gives you a hall pass to delivering on your objectives. Be committed to your role and deliver on the expectations of your role. Take risks.