The Securities and Exchange Commission announced Tuesday that it has created an Office of Risk and Strategy within its Office of Compliance Inspections and Examinations, and has appointed Peter Driscoll to head the new office under the title of chief risk and strategy officer.
The SEC announced the same day that Robert Fisher will replace Driscoll as OCIE’s managing executive. In his new role, Driscoll will manage the new office as well as the investment advisor/investment company exam staff based in Washington.
OCIE Director Marc Wyatt said in a statement that the Office of Risk and Strategy will lead the exam program’s “risk-based, data-driven and transparent approach to protecting investors.”
Driscoll added in the statement that he was “excited to advance our development of new tools and techniques that strengthen OCIE’s risk analysis, surveillance, and strategic abilities on behalf of investors.”
The SEC announced in early February that Jane Jarcho, national director of investment advisor exams, has been named OCIE’s deputy director, and that she continues to head advisor exams.
The appointments come as OCIE prepares to shift examiners from broker-dealer to advisor exams and is mulling a third-party audit rule for advisors.
Karen Barr, president and CEO of the Investment Adviser Association, told ThinkAdvisor in an email message that with Driscoll’s new role along with the new risk and strategy office, OCIE “appears to be advancing its efforts to more strategically and effectively deploy its resources, including through the strategic use of technology and data.”