Voice of Experience: Deborah Hammalian, Chief Compliance Officer, ING U.S. Investment Management

By Melissa J. Anderson (New York City)

According to Deborah Hammalian, Chief Compliance Officer of ING U.S. Investment Management, setting career goals can help propel you forward. “Select a few goals and map the path for each. Identifying the path is a very powerful advantage toward reaching a goal.”

But, not everyone starts their career with a clear goal in mind – Hammalian included. Even still, she says, don’t stand still. “Have a clear goal, but don’t stop if you don’t.”

Hammalian began her career as a product support specialist, and her desire to grow and learn brought her to the legal and compliance world. Then, within a few years of starting out, her industry was in turmoil and her company was facing a huge round of layoffs. Nevertheless, she stayed flexible, and found a niche that suited her well. “My ability to adapt to and manage change has been a key to my professional growth,” she said.

Career Path in Compliance

“My career path has been a long journey that began without a lot of guidance or mentorship, but blossomed after entering into the financial services industry,” Hammalian said. She had worked in customer service type jobs as a student, and, after college, found herself seeking a professional, dynamic position, without any real sense of what she should do for her career. But Hammalian soon found herself in a role that would provide direction and shape her career journey.

She took a job working as a variable life product specialist at First Capital Life Insurance Company in Southern California, supporting a national sales force. “It was a steep learning curve but I was so interested in the workings of the products, the markets, and the portfolio management, I committed to learning all that I could,” she recalled. Her hard work paid off, and soon she was recruited to the firm’s legal department. “They needed someone with deep product knowledge and experience working with external and internal wholesalers. And that is how I slipped into the rabbit hole of legal and compliance,” she said with a laugh.

At the time, most companies didn’t have formal compliance departments, and her responsibility was to support the mutual fund officers and Board of Directors. But when a tough, new California Commissioner of Insurance was elected, the company’s credit rating deteriorated.

“One morning, the team was called into the General Counsel’s office and notified that the company had been deemed financially insolvent and was being placed into Conservatorship under the California Department of Insurance. We were told to expect the arrival of the Commissioner’s staff and counsel that morning. It was so surreal to watch the team of regulators march into the offices essentially take over the operations,” she said.

First Capital’s staff learned that the company would be downsizing from 700 people to less than 100. The muni bond, junk bond, and savings and loan crises were ongoing at the time, and other financial services jobs were few and far between in San Diego. Hammalian dug in, she said, and dedicated herself to the rehabilitation in the hopes of keeping her job and staying in the industry. “Flexibility and adapting to a rapidly changing environment were the keys to my ability to grow and take advantage of opportunities that were opening up as more and more senior employees were removed,” she explained.

Hammalian took a role in the Commissioner’s hardship program, providing relief to policyholders who could show evidence of financial hardship. “Serving as an advocate for policyholders gave me a great feeling of accomplishment and a prospective of the detrimental impact when a fiduciary fails and the regulators take over,” she said.

A year later she was recruited by a former colleague to a compliance function at a buy-side investment advisory firm. “I loved the energy and the opportunity to learn about investing, trading, markets, and the compliance that goes around all of it,” she continued. “Now, after 18 years, I have been involved in just about every up and down this industry has experienced. I am so grounded by my experiences that have formed me and the mentors who helped me get to where I am.”

Today Hammalian is Chief Compliance Officer at ING U.S. Investment Management. “The role requires me to assess risks and present practical solutions to complex problems. It touches every aspect of the organization such as trading, portfolio management, operations, IT, client service, sales, and marketing. It requires me to build a strong team that is committed to the compliance function, serving clients and understanding the business. The compliance program is never static and always evolving.”

Leadership Lessons

Looking back, Hammalian says she was too timid in her early years. “I didn’t reach out and identify the people who could guide me and tried to do it myself. This all changed when I learned of the value of mentorship from a new boss. He was the type of leader that identified talent and commitment and built strong and effective teams.”

She continued, “I had to present my best and where I lacked, more questions were before me to expand my search. I believe strongly in the power of Socratic Method. While it can been extremely frustrating, the rewards are so satisfying. Once my confidence grew, I was able to step outside my comfort zone and that’s when my growth accelerated.”

Having only joined ING in May, Hammalian says she is eager to build a more integrated compliance team and expand her staff’s opportunities for growth. “ING is full of people who want to do the right thing. There’s a sense of commitment to the client and doing what’s right. This is music to a CCO’s ears!”

“I do feel like a leader,” she said. “That grew over time. You have to be a leader in order to be effective as a CCO. People need to feel they can come to you for answers and you’re on the hook for answers. I have to be confident that I’m giving the right answers and guidance, and I have to build a team that believes in me.”

Hammalian says her experience at First Capital defined how she has looked at leadership throughout her career. “The industry is so complex, especially after going through 18 years of disruptive events. I think a leader is someone who experiences the good times and the bad times, and those experiences inform every single day.”

A staunch proponent of mentorship, Hammalian advises, “Seek out mentors and don’t be ashamed of what you don’t know. Once you do know, share the knowledge. Teaching equals learning. Everyone grows from it.”

She encourages women to be more confident. “Asset management is a very fast paced and competitive industry. Many women are emotional and nurturing by nature and these attributes may not necessarily be a good fit if not well applied in the environment,” she explained. That’s why it’s important to surround yourself with supportive relationships and focus on your strengths. “Our only challenge is overcoming self-doubt,” she added.

In Her Personal Time

Hammalian enjoyed participating in ING’s annual Junior Achievement Job Shadow Day this year. “Students from the Goodwill Industries Beacon Program came to 230 Park to participate in a day of activities designed to familiarize them with ING services, employees, and what it takes to have a career with an organization like ING. It is a great program and I am eager to participate in more like it,” she said.

Outside the office, she enjoys spending time with her family.