Aggregated News From Investment Management Regulators

SEC Announces Creation of the Event and Emerging Risk Examination Team in the Office of Compliance Inspections and Examinations and the Appointment of Adam D. Storch as Associate Director

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The Securities and Exchange Commission today announced the creation of the Event and Emerging Risks Examination Team (EERT) in the Office of Compliance Inspections and Examinations (OCIE). The EERT 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. 

OCIE is responsible for conducting examinations of SEC-registered investment advisers, investment companies, broker-dealers, self-regulatory organizations, and transfer agents, among others. OCIE uses a risk-based approach to most effectively allocate its resources to fulfill its mission of promoting compliance with the U.S. securities laws, preventing fraud, monitoring risk, and informing policy. Working collaboratively 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 publication. 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 cyber-security or operational resiliency concerns.

The SEC also announced that Adam D. Storch has been named Associate Director of the EERT. In this role, Mr. Storch will oversee a dedicated, multidisciplinary team of specialized examiners, industry experts, accountants and quantitative analysts.

“I thank Pete Driscoll, Marc Berger and their colleagues for driving this important initiative forward,” said Chairman Jay Clayton. “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.”

“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 B. Driscoll. “Adam brings a wealth of valuable experience, understanding of risks, and a background ideally suited to develop and lead this unit.”

“This new team will work alongside the many dedicated OCIE examiners across the country to quickly address critical market events,” said Marc P. Berger, Director of the SEC’s New York Regional Office.  “Adam’s leadership experience and knowledge of the exam program and its registrants make him well-equipped to stand up and guide the EERT, and I look forward to working closely with the entire team.”

“I am excited to continue working with the talented and mission-driven team in OCIE and the dedicated staff throughout the agency,” said Mr. Storch. “It is an honor to have the opportunity to establish and lead the newly created EERT and to continue to serve the SEC and support its important mission.”

Previously, Mr. Storch was a Senior Advisor to the Director of OCIE, where he focused on risk, strategy, and innovation, and led several impactful initiatives to protect investors. Mr. Storch first joined the Commission as the Managing Executive and Chief Operating Officer of the Division of Enforcement. Mr. Storch has also held several executive roles in the private sector, including Chief of Staff and Chief Operating Officer of Legal and Compliance at Marsh & McLennan Companies and Vice President of the Business Intelligence Group at Goldman Sachs.

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Regulator Information

Abbreviation: SEC
Jurisdiction: United States

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