The Securities and Exchange Commission has announced that it has changed the name of its Division of Risk, Strategy, and Financial Innovation to better reflect its core responsibilities and focus
It will be called the 'Division of Economic and Risk Analysis' from now on.
The division was created in 2009 as the successor to three then-existing offices: the Office of Economic Analysis, Office of Risk Assessment, and Office of Interactive Data. These offices and other functions were combined to leverage expert staff and to provide sophisticated and data-driven economic and risk analyses to help inform the agency's policymaking, rulemaking, enforcement, and examinations.
'The division serves a central role in the SEC's ongoing commitment to rigorous economic analysis. It has grown significantly since its inception in 2009, not only almost doubling its staff since that time but also expanding its efforts to provide economic analysis and risk assessment to support the Commission's mission', said SEC Chair Mary Jo White. 'This new name not only echoes the three offices that formed the core of the division, but also reflects the breadth of its still-expanding responsibilities'.
Craig Lewis, Chief Economist and the division's director, added, 'We are thrilled that this new name will emphasize the twin goals of the division: to provide robust and transparent economic analyses in support of Commission rulemaking and policy development, and enhance data-driven risk analytics to help focus the agency's resources on matters presenting the greatest perceived risk'.
The Division of Economic and Risk Analysis has a broad role in Commission activities, interacting with nearly every division and office. Importantly, the division provides economic analysis in support of Commission rulemaking and other policy initiatives. The division also supports the work of the Division of Enforcement, for example, by providing economic and quantitative analysis related to enforcement actions.
The division conducts economic research, risk assessment, and data analytics to help staff across the Commission anticipate, identify, and manage risk, particularly focusing on early identification of fraud and illegal or questionable activities.