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Regulation and Compliance > Federal Regulation > SEC

SEC Creates New Emerging Threats Exam Team

By Melanie Waddell

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The Securities and Exchange Commission said Tuesday that it has created a new exam team to focus on emerging threats and current events, dubbed the Event and Emerging Risks Examination Team (EERT).

Housed within the agency’s Office of Compliance Inspections and Examinations, EERT, to be headed by Adam Storch, “will proactively engage with financial firms about emerging threats and current market events and quickly mobilize to provide expertise and resources to the SEC’s regional offices when critical matters arise,” the securities regulator said.

As associate director of EERT, Storch will oversee a multidisciplinary team of specialized examiners, industry experts, accountants and quantitative analysts.

Working with OCIE exam staff in the regional offices, the EERT will focus on implementing OCIE exam priorities, including those identified in OCIE’s annual examination priorities letter.

The EERT will help ensure, through examinations and other firm engagement and monitoring activities, that firms are better prepared to address exigent threats, incidents, and emerging risks.

The EERT will also work with OCIE staff to provide expertise and support in response to significant market events that could have a systemic impact or that place investor assets at risk, such as exchange outages, liquidity events, and cybersecurity or operational resiliency concerns.

Storch previously served as a senior advisor to the director of OCIE, where he focused on risk, strategy, and innovation.

“The EERT will assist OCIE in the fulfillment of its mission, including protecting the clients and customers firms serve, and enhance its ability to effectively respond to exigent threats and incidents in our markets,” said OCIE Director Peter Driscoll, in a statement. “Adam brings a wealth of valuable experience, understanding of risks, and a background ideally suited to develop and lead this unit.”

SEC Chairman Jay Clayton added in the statement that “as recent events have demonstrated once again, market and operational risks can emerge suddenly. We should be working to increase our ability to react, including bringing our various resources to bear to these situations.”

Marc Berger, director of the SEC’s New York Regional Office, added that EERT “will work alongside the many dedicated OCIE examiners across the country to quickly address critical market events.”

Melanie Waddell

@Think_MelanieW

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