SEC Names First Chief Risk Officer


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On the heels of a
January 2019 announcement
that it was charging nine persons with participation in a scheme
that allowed them to hack into the SEC’s confidential database of
public filings, commonly known as EDGAR. On February 28, the SEC
named
Gabriel Benincasa
as its first-ever Chief Risk Officer (CRO).
Although the two events have no direct causal link, they serve as
useful reminders that the SEC is determined to re-emphasize its
mission to ensure the smooth operation of the U.S. securities
markets and to root out and punish instances of fraud and market
manipulation, be it by traditional methods or where digital tools
are implicated and databases are compromised. The position of CRO
is a new one at the SEC. Created by SEC Chairman Jay Clayton to
strengthen the agency’s risk management and cybersecurity
efforts, Benincasa’s office will help to coordinate efforts to
identify, monitor and address risks facing the agency.

Source: FS – Social Media Blogs 1
SEC Names First Chief Risk Officer