As prepared for delivery

Good afternoon, everyone!

I’m Rich Best, the Director of the SEC’s Division of Examinations. 

It’s my pleasure to welcome you to the Examinations Panel of SEC Speaks, where we’ll have leadership from across the Division of Examinations, the Office of Credit Ratings, and the Office of Municipal Securities here to talk about aspects of their programs.

I also want to thank Grace O’Hanlon for making today’s program a success—thank you Grace!

Now I’ll share a few brief words before turning to our deputy director, Keith Cassidy, to get the panel started.

But before I begin, allow me to remind everyone that:

My remarks are provided in my official capacity as the Commission’s Director of the Division of Examinations but do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

Now with that out of the way, let me share a few thoughts about EXAMS, our work and the importance of adequate support for compliance.

Technology allows us to reach industry leaders, compliance professionals, investors, and other groups, so we view this as an important opportunity to discuss a few critical items that we believe will greatly enhance investor protection and market stability.  Two key items are the importance of resiliency and adaptability. We live in a world of constantly changing risk and opportunity.

As a result, compliance officers and their staff must remain vigilant and scan the horizon for new and emerging risks to ensure their compliance programs continue to offer appropriate assistance and guidance to their firms, and strong protection to investors.

Whether it’s new and emerging technologies, new financial products, or new risks and threats under the cyber umbrella, industry leaders, including, CCOs and their staff, must invest in remaining current, nimble, resilient, and adaptable.

And so do we.

We have a shared interest in ensuring robust investor protection through strong compliance.  In EXAMS, we are focused on that goal and realize that CCOs and other compliance professionals play a critical role in achieving it for investors.

Part of that is continuously surveying the industry landscape, and adapting to new risks, new threats, and new ways to protect investors by evolving with our ever-changing market environment.

And it’s not just participating in events like today.  

It must also include providing tangible resources and support to compliance professionals to ensure that firms are meeting their regulatory responsibilities and investors are adequately protected.

Our team in EXAMS have worked hard to do our part in this regard. 

You will hear more over the next two days about our increased issuance of risk alerts, changes to our industry and investor outreach, adjusting the timing of our priorities, and our proactive steps to respond to critical events in the market.

As you listen to our EXAMS leaders, you should take note of these changes which are intended to offer important support to compliance departments and in other areas of leadership across the securities industry. 

It’s important to us—and more importantly, to investors—that compliance departments, have the proper resources and support to meet regulatory responsibilities.

That compliance professionals are able to leverage EXAMS’ focal points as they engage in their own planning and business discussions.

And that firms are incentivized to make these investments—not only because it’s what’s required, but also because it’s in their best interest to secure a better future for investors and their business.  

I hope the themes of strong compliance, resiliency, and adaptability resonate with many of you here today as you participate in our panel discussions and workshops.

And with that, let me now introduce our Deputy Director, Keith Cassidy. 

Keith is the Deputy Director of EXAMS and the National Associate Director of the Technology Controls Program.

He’s a great advocate for investors, for EXAMS and for the Commission.   

Keith, take it away.