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Mary Schapiro

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Submitted By cherlynws
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Why Mary was appointed: what change drivers lead to her appointment?
1: Under its watch, fraudster Bernard Madoff managed to operate the largest Ponzi scheme in history
2: Wall Street stalwart Lehman Brothers collapsed, taking billions of dollars, business confidence and reputations down with it.
She needed to assess what went wrong and to ensure it didn't happen again. Her Key tasks were:
1-identify the issues - assessing what needed to be done within the organisation to restore the agency's vigour and credibility within the financial regulatory community
Solution: Bought in new senior team Staff were sent to qualify as certified fraud examiners. A whole layer of management was removed and those employees were reassigned to the front line.

2-continue main role (protecting investor) - shifting the agency's focus back to protecting the investor (Plan for Short win: turning a flailing company around) - putting devices in place to ensure "a Madoff' could never happen again to the agency. She called it the investor- focused agenda, a hallmark of her stewardship.
3- Get their act together - acknowledging its mistakes - had to admit to the gaps in its performance that allowed someone like Madoff to pull off his scam for so long. Transformation plans:
New senior team – Mary appointed new senior team as new blood to flash the old attitude, behaviour, culture out of current culture of SEC. Also new skills that the agency hadn't traditionally had - it had always been very lawyer-centric and my view was that we needed analysts and people who understood trading, market structure, corporate governance and a whole range of skill sets that would be important for the future. Forward thinking:
1. hadn't traditionally had - Forward thinking using forecast models and data analytics to predict future trends
2. to make this regulator more responsive, more

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