The US Securities and Exchange Commission: Working Smarter to Protect Investors and Ensure Efficient Markets
Name
MIT_CISRwp388_SEC_WixomRoss.pdf
Size
2.42 MB
Format
Adobe PDF
Checksum (MD5)
377298c8eb78e51394a3fcf46b7131a4
Author(s)
Wixom, Barbara H.
Ross, Jeanne W.
Date Issued
November 30, 2012
Publisher
Cambridge, Mass.: Center for Information Systems Research, Sloan School of Management, Massachusetts Institute of Technology
Citation
Wixom, Barbara H. and Jeanne W. Ross. “The US Securities and Exchange Commission: Working Smarter to Protect Investors and Ensure Efficient Markets.” Working paper 388, Center for Information Systems Research, Sloan School of Management, Massachusetts Institute of Technology, 2012. https://dspace.mit.edu/handle/1721.1/175370.
Series/Report no.
MIT Sloan School of Management Working Paper 5200-12
CISR Working Paper 388
Abstract
The Securities and Exchange Commission (SEC) was established under the US Securities Exchange Act of 1934 to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. In 2008, the SEC s credibility was undermined when Bernard Madoff was arrested for robbing investors of $18 billion, representing the largest financial fraud in United States history. Weeks later, Mary Schapiro was appointed Chairman of the SEC; she was tasked with reinvigorating the agency and preparing it to take a lead role in reestablishing the integrity of the US financial services industry. From 2009 through 2012, Schapiro and her leadership team transformed the SEC s core business processes, redesigned its organizational structure, hired new talent, established a culture of collaboration and transparency, and invested in modern technology. As a result, people across the agency began to work smarter focusing on meaningful pursuits and making evidence-based decisions while armed with data and analytical tools. This case describes the SEC s working smarter journey, and how the SEC intends to avert Madoff-type deceptions in the future.
Subjects
Organizational Structure and Agility
Employee Experience
IT-based Business Transformation
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