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Compliance in 2018: Q&A with James Reese of the SEC

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The Securities and Exchange Commission (SEC) recently named James Reese as the Chief Risk and Strategy Officer for the Office of Compliance Inspections and Examinations (OCIE), which also leads the Office of Risk and Strategy (ORS). These offices assess companies’ and products’ risk to the financial markets and influence the SEC’s rule-making initiatives, among other actions. OCIE conducts the SEC’s National Exam Program (NEP), which was created to protect investors, ensure market integrity and support responsible capital formation through risk-focused strategies that:

  • improve compliance
  • prevent fraud
  • monitor risk
  • inform policy

Risk Management Monitor reached out to Reese to find out what he has in store for his office and U.S. businesses.

Risk Management Monitor: Your office administers the NEP to businesses to ensure they are operating in compliance with the law and the SEC rules. Can you describe the information you gather and how it is used?

James Reese: During examinations, we may request and review policies and procedures, supervisory processes, trading activity or any other aspect of a registrant’s business. The results of the NEP’s examinations are used by the SEC to inform rule-making initiatives, identify and monitor risks, improve industry practices and pursue misconduct. The NEP maintains a critical presence among market participants by conducting thousands of exams annually. This provides us with timely, accurate, and reliable information to assist the program and SEC in fulfilling its mission.

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RMM: You had been OCIE’s acting chief since shortly after its inception. How has the office grown and what is your vision for the next five to 10 years?

JR: Now that we have built synergies across groups, the focus is turning more toward enhancing our risk assessments, providing better support to exam teams, improving our technology and using big data.

Centralizing the staff has led to a more cohesive approach to risk assessment and more opportunities to collaborate and take advantage of cross-discipline problem-solving.

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It has also helped us prioritize those areas where we can make the greatest impact on the NEP, allowing not only our office to maximize its limited resources but in turn also allowing us to focus on how we can provide exam teams tools and data to maximize their resources.

Ultimately, our office’s goals are wide-ranging and include:

  • identifying risks to investors, particularly retail investors, and the markets
  • assisting the home and regional offices in identifying exam candidates
  • developing technology tools and quantitative approaches that exams teams can use to, for example, identify potentially problematic practices at firms and more quickly analyze trading activity
  • monitoring and examining some of the largest financial firms to understand the various market and their operational risks

RMM: What risks are you closely monitoring (or are most influential)?

JR: Since 2013, OCIE has annually published its examination priorities, which generally reflect certain practices, products and services that OCIE believes may present a heightened risk to investors and/or the integrity of the financial markets. In 2018, as in prior years, we have prioritized matters of importance to retail investors, including seniors and those saving for retirement. This translates to pursuing examinations of firms that provide products and services directly to retail investors and focusing on the disclosure and sales practices associated with higher risk products.

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We are also focusing on risks to market infrastructure, cybersecurity as well as firms’ anti-money laundering requirements.

RMM: How has a risk manager’s role (and/or its importance) changed since you began at the SEC in 1999?

JR: I have seen more firms identify individuals to either serve as a chief risk officer or build out their risk management function. As SEC Chairman Jay Clayton noted in his recent remarks at the Equity Market Structure Symposium: “One of the few certainties of trading markets is that they continually evolve. New technologies spur new market mechanisms, which, in turn, lead to new trading practices.”

Risk managers face an increasingly difficult task of identifying and triaging these changes, and also having to be proactive. Trying to look around corners, identify emerging issues and spot trends before they metastasize within an organization is the cornerstone of any good risk organization and ORS spends a great deal of time on those activities, as well.

Secure Messaging in Incident Response and Business Continuity

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Today’s businesses face unprecedented risks. As mass interconnectivity replaces operational silos, every aspect of business, from transportation and the supply chain to email, data storage, facilities management and financial transactions, are all vulnerable to compromise, disruption and human error. In addition to the people, processes and technology that are at risk in a crisis, so too are the communications mediums most commonly used for incident notification and response.

At the forefront of defining their organization’s risk management strategies, risk managers, board members, chief security officers and chief information security officers all have a responsibility to initiate both incident response plans and business continuity strategies that transcend the digital and physical worlds. After all, a digital threat can quickly evolve into physical damages and destruction while a physical event can negatively impact digitally-driven business operations. However, if the communications mediums through which companies collaborate and disperse important news and information are also compromised, challenging situations increasingly become more complex.

Secure Messaging’s Role in Incident Response & Business Continuity
All organizations must prepare for out-of-course events. Situations like acts of nature, data breaches or other compromises require planned responses under the assumption that one day they will occur. Yes, different situations will require a different chain of events to take place, but there is one thing that all incident response and business continuity plans have in common: the need for ongoing communication during and after the event.

Whether you represent a power company that needs to notify first responders and emergency managers of an unexpected power outage/grid loss, an IT department discussing a plan of action during and after a ransomware attack, a healthcare team in different parts of a university communicating information during an active shooter event, or an enterprise sending messages to employees during a blizzard, fast, efficient and secure communications are essential.

How risk managers keep their businesses safe, how stakeholders communicate with colleagues and clients during a crisis and how an organization continues operations as quickly as possible is of the utmost importance. In some settings such as healthcare, energy or even on a campus, business can’t stop. So how do we ensure that caring for patients can continue and that we are prepared for any type of incident, emergency or crisis?

The first step is certifying that your company’s communication plans are solid. No one should want to depend on a phone tree in which you never know if someone receives a voicemail, wonder if information sent via fax is shared after receipt, or worry if a text has been compromised.

That means instantaneous response is required. For example, an organization’s proactive incident response personnel can use their secure messaging platform to preemptively set up templates and pre-schedule a series of texts to notify first responders and emergency management offices as well as all field employees during a declared emergency. Replies to these automated communications can be routed to a specific mailbox or group for monitoring and response, or disallowed based on the type of communication and need, providing a central communication hub.

Many communications, even during an emergency, are confidential to the business. They must be retained for compliance and reporting purposes and need to be protected from leaks. Simply put, communications that require confidentiality and secure discussions do not belong on non-secure channels. In these situations, secure messaging platforms allow for rapid, secure notifications and response communications to meet corporate operating procedures and compliance mandates, without worry of third-party surveillance or leaks.

Every organization must proactively prepare to respond in a secure and efficient manner to minimize the impact to employees, clients and its bottom line. With email and SMS texts plagued with inherent risk, secure messaging platforms are emerging as the trusted option to ensure rapid, efficient and secure communications when they matter most.

National Safety Month Targets Preventable Deaths

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Hazardous work zones, insufficient planning, prescription and illegal drugs and distracted driving continue to affect the careers and companies of employees in the United States. According to the National Safety Council’s (NSC) Injury Facts, the lifetime odds for the top three accidental causes of death are motor vehicle crashes (1 in 102), opioid and painkiller use (1 in 109) and falls (1 in 119).

To demonstrate that “knowing the odds is the first step in beating them,” the NSC launched its No 1 Gets Hurt campaign as part of National Safety Month, which begins June 1.
“Preventable injuries are the third leading cause of death for the first time in United States history,” NSC president and CEO Debbie Hersman told Risk Management Monitor. “Sadly, our national opioid epidemic and the sudden recent increase in motor vehicle deaths have propelled preventable injuries past chronic lower respiratory disease and stroke in terms of how many lives are lost each year. Every single unintentional injury could have been prevented.”

The numbers tell the story. In 2015 there were 214,008 injury-related deaths in the U.S., 69% of which were unintentional.

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Slightly more than half of those unintentional deaths occurred at home, while the remainder were classified as motor vehicle nonwork (24%), public (22%) and work-related (3%). Although the latter had the smallest number – 4,190 – that still equates to nearly 11.5 preventable work-related deaths per day.

NSC data also indicates that, on average, an additional 12,100 at-work injuries occur each day.

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The cost of these injuries was estimated at nearly $142.5 billion in 2015, equivalent to 15 cents of every dollar of corporate dividends to stockholders, 7 cents of every dollar of pretax corporate profits and exceeds the combined profits reported by the nine largest Fortune 500 companies.

NSC statistics indicate that since 1900, death rates in the U.

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S. have decreased by 71.1%. Preventable causes of death are also down by nearly 45% in the same time period but have been steadily increasing since 1992, which marked its lowest point (60.5%).

No 1 Gets Hurt aims to identify safety risks and prevent the leading causes of injuries and deaths at work and at home. Each week in June will focus on a different overarching cause of injuries and fatalities in the U.S.:

  • Emergency Preparedness
  • Wellness
  • Falls
  • Driving

“This year’s theme, No One Gets Hurt, encourages everyone to make at least one change for safety during June,” Hersman said. “Small actions—creating an emergency escape plan, avoiding using your phone while walking, or wearing your seat belt, for example—can make all the difference.”

To help accomplish thus, tip sheets and articles are available in English and Spanish. NSC members will also have access to other materials, including checklists, 5-Minute Safety Talks, games and best practices. As with other safety-themed campaigns, NSC encourages employers to use these resources during the designated weeks, or create a schedule that works best for their organization.

The NSC made these suggestions to keep workers, families, and communities thinking about safety in June and beyond.

  • Distribute the downloadable National Safety Month materials
  • Create bulletin boards, newsletters or blog posts
  • Encourage others to take the SafeAtWork pledge at nsc.org/workpledge
  • Share posts on your social media channels using #No1GetsHurt
  • Provide safety training
  • Host a safety fair, lunch ‘n learn, trivia contest or celebratory luncheon

“Employers look to NSC for resources to help employees understand safety risks, and we are committed to helping them provide that education—not just in June, but year-round,” Hersman said.

Are You Prepared for GDPR?

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If your work involves personal data, you probably already know the European Union’s (EU) General Data Protection Regulation (GDPR) enforcement date is May 25.

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While penalties for noncompliance can be stiff, the sky may not be falling just yet.

GDPR focuses on personal data originating from the EU, which reaches well beyond the EU’s borders into organizations around the world that collect, process, use and store that data. As a regulation focused on data protection and privacy, GDPR’s impact may extend far outside the EU. For example, there are signs that Latin American countries may be considering a regulation that mirrors GDPR. With the recent Facebook/Cambridge Analytica data privacy fallout, several pieces of privacy-related legislation in the U.S. are currently being considered by federal lawmakers.

Privacy is a risk-based problem. Organizations should assess which risks exist and determine their risk tolerance. With data privacy, these risks are typically financial (such as fines and lawsuits) and reputation (bad press and negative perceptions).

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GDPR also introduces a newer risk into the risk landscape – one related to activist groups potentially using GDPR as a springboard to flood a target organization with data subject requests.

Why GDPR matters and to whom it applies
GDPR applies to personal data originating from the EU. GDPR gives individuals (aka “data subjects”) control and ownership over their personal data. This includes personally identifiable information (PII), IP addresses, biometric data, social identity, along with health, economic, cultural and genetic data. There are two reasons this has gotten so much attention:

  • The GDPR represents the EU’s most sweeping changes to privacy regulations in decades. It requires organizations to be transparent about which data is collected and how it will be used. All data collected must have a purpose and be kept accurate and up to date. Individuals (aka data subjects) now have the power to access their data, fix errors, restrict usage, move data and demand that their data be deleted.
  • The penalties for noncompliance are unprecedented. The law sets out penalties of up to four percent of global revenue or €20 million, whichever is greater. It is not clear at this point how and when these fines will be applied or if they are even enforceable outside the EU. However, the significant size of the potential fines and potential risk of noncompliance captured the attention of organizations around the world.

Large data-driven organizations have been working toward GDPR compliance since the regulation was passed in 2016. A significant number of organizations may not be ready, however. In fact, a flash poll conducted by Baker Tilly during a recent GDPR webinar revealed that 90% of attendees do not have the necessary controls in place to be GDPR-compliant.

What to do today
Preparing for GDPR compliance is a matter of preparing for privacy in general. Whoever you are and wherever you are in the world, consider these steps in your compliance journey:

  1. Identify potential data and systems affected by GDPR: Put a process in place to understand what data you collect and why. Know where it is coming from and where it is stored. You will want to know where you have “data pools” with GDPR relevance and you’ll want to know the scope. Is it one record or one million? Where are the gaps in compliance?
  2. Understand existing data privacy controls: Review your existing data protection controls and assess GDPR compliance. Do you have written security protocols in place? What is your risk exposure? Depending on the type of organization you represent, you may actually be closer to compliance than you think. For example, organizations compliant with NIST, ISO, HIPAA, PCI DSS, Privacy Shield or other frameworks, may be well on the way to GDPR compliance.
  3. Lead from the top and educate: The news cycle is now dominated by the questionable use of personal information and it appears the shift to a data subject-centered environment may very well be here to stay. This issue goes beyond risk management and IT. Marketing, legal, government affairs, HR and communications are just a few of the functional areas touched by privacy issues. They all need to be as committed to data protection as the chief privacy officer.
  4. Be clear about how you will deal with data-subject requests: Once you have a clear picture of the data you possess, it is essential to design, implement and document your processes to correct, transfer and delete that data if required or being able to provide a valid, legal reason for retaining the data.
  5. Determine whether you need a data privacy officer: The GDPR requires that a data privacy officer (DPO) be appointed in most situations. Proactive organizations should consider the organization’s position and strategy. Is privacy an essential piece of the business model (as it is for a bank) or the brand (as it is for Apple)?
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    The answer may well influence whether or not you define a new area of leadership and accountability.

Looking ahead
There is a shift taking place. People used to accept (or not know) that their online data and personal information were being tracked and used by others. Many people seemed to think this was simply the price of being online. Now, people are questioning how their data is being used and governments are starting to listen. GDPR is the likely first step toward far more widespread change.

This is not about solving every single detail today. Most experts believe that a well-documented plan and clear effort to comply with the GDPR will make conversations with supervisory authorities significantly easier. Do the homework ahead of time, know your landscape, get your systems in place, be transparent and be ready to pivot when necessary. Do that, and you will be miles (or kilometers) ahead of everyone else next time a new law or regulation goes into effect.