Shapiro launches review of board oversight in an attempt to improve risk controls at the SEC
WASHINGTON, DC -Mary Schapiro, new chairman of the US Securities and Exchange Commission (SEC), is looking at a number of ways to help improve oversight at the regulator following a series of failures to spot major frauds and banking failures.
A review of board oversight in the wake of the US banking crisis has been launched as part of the drive to improve risk controls and corporate governance. And Shapiro is reported to have consulted officials at intelligence and law enforcement agencies about the technology they use to sort through information to help spot fraud. She has also appointed former federal prosecutor Robert Khuzami as the new director of the SEC enforcement division.
Reports by SEC officials in the Washington Post have said Schapiro is also expected to introduce new requirements obliging board members to disclose their background and skills, particularly in the area of risk management. There could also be new powers for shareholders to help them shape the composition of top-level management.
More on People
Bank veterans Bristow and Pluta promoted to global co-heads, reporting to Rohrbaugh
US firm recruits externally as it looks to boost savings business
US bank parts company with 15-year veteran who moves to the buy side
Chris Leone and Dushyant Chadha replace Paul Galietto
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.