Fourth Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Commission - 2013 Page 19
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37F
R
I
SEC O
R
R
OURTH
EPORT ON THE
MPLEMENTATION OF
RGANIZATIONAL
EFORM
ECOMMENDATIONS
Activities within the Division of Risk, Strategy, and Financial Innovation (RSFI)
The Office of Quantitative Research (OQR) within RSFI is responsible for the development of
custom analytics intended to inform monitoring programs across the SEC. It continues to build
analytic models and tools dedicated to stronger risk analysis.
• OQR staff have begun to routinely leverage the XBRL tagged content from operating
companies’ annual and quarterly financial statements to produce custom analyses that
complement traditional commercial data sources. The quantity of XBRL data coming
into the SEC via EDGAR has more than doubled, from 10 million discrete data items in
calendar year 2011 to 20 million in calendar year 2012. This data supported multiple
projects, including continuous screening of registration statements, annual analysis of
post-retirement benefit obligations, research comparing segment disclosures across
industries, companies doing business in China, and the Accounting Quality Model
(AQM) project which assists staff tasked with reviewing financial information in
detecting anomalies. The team dedicated to XBRL efforts doubled its support in 2012
from three staff to six.
• As Business Owner of the TCR system, OQR produced regular reports on the
submission, handling and disposition of TCRs (including Whistleblower TCRs). In
addition, OQR provides data analysis and risk monitoring, and has contributed to
program governance by highlighting anomalies and trends.
Activities within Other Divisions and Offices
• The Division of Investment Management (IM) has established the Office of Risk and
Examinations Group (REG). REG is responsible for, among other things, conducting
rigorous quantitative and qualitative financial analysis of the investment management
industry.
One of REG’s primary projects is to develop the SEC’s capability to
systematically monitor the risk-taking activities of Investor Advisor and Investor
Companies (IAs/ICs). REG is working to identify strategically important IA/IC positions
and create risk analytics on the positions to measure, monitor, and report the market risks
of IA/ICs. The project is expected to be substantially completed in calendar year
2013. REG is also working to develop an examination program to meet its mission. To
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