Change Is in Our DNA
Every Executive MBA Program graduate leaves with one vital skill: the ability to thrive in a business environment of ambiguity, uncertainty, disruption, and change.
Explore how our alumni continue to innovate, adapt, disrupt, and thrive—no matter what changes tomorrow brings.
Maria Scott: 00:03
Having an opportunity to build something from scratch, you can really only do that if you step outside. It wasn't like even a decision. It just had to be done. When you work for a financial institution, these kind of issues that stare at you, you know that somebody has got to sort this out. But I never really felt like I was the one who could build it because I didn't know. I didn't know how to build a team. I didn't know how to raise money. I didn't know how to build a product that somebody would buy.
Maria Scott: 00:33
There's so much more to the business than just understanding the problem. And so that's why I went to Chicago. About 2010, the United States government brought this thing called FATCA, Foreign Account Tax Compliance Act, that financial institutions all over the world now have to comply with. And another hundred countries introduced this thing called the CRS, Common Reporting Standards. Now between FATCA at CRS, now the vast majority of all types of financial institutions, portfolio managers, asset managers, custodians, investment banks are all subject to these two regulations, which are very expensive, and the error rate in these functions is phenomenal. It's about 65 percent.
Maria Scott: 01:33
We've built a solution software which automates compliance with FACTA AND CRS. We automate aspects of compliance, which haven't been possible to automate before. We have been able to help our customers not only improve accuracy, but also save huge amount of costs. Change is very, very hard, right? Change is hard for everyone. The thing that is really powerful about Booth and the thing that is scalable wherever you go, and whatever have ambiguity or change opportunity you're facing is they teach you, it's all about hypothesis and that resonates so much into business like ours because we are basically bringing change, really experiment by doing. If there was one thing about Booth is that you have to resolve your assumptions. You can't just assume and then move on. Doesn't work.