Transforming the Way the SEC Works: Building a Business/Technology Partnership
Transforming the way the U.S. Securities and Exchange Commission works through a strategic business/technology partnership. Learn about the SEC's mission, key functions, regulatory framework, and organizational structure. Discover the journey of Margarita S. Brose and her impactful role in project management and technology implementation within the SEC. Gain insights into the SEC's focus on investor protection, market integrity, and capital formation.
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Transforming the Way the SEC Works: Building a Business/Technology Partnership Margarita S. Brose 2022 Project Management Symposium U.S. Securities and Exchange Commission
"The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This presentation expresses the author's views and does not necessarily reflect those of the Commission, the Commissioners, or members of the staff." 2 U.S. Securities and Exchange Commission
Law School Intern at the SEC; on graduation, joined the staff of the Division of Enforcement After four years, left the SEC to earn an MBA at The Wharton School Managed business projects and technology implementations for banks, broker-dealers and investment management companies over the next 15 years Returned to the SEC in 2015 to lead the Project Management Office in the Division of Economic and Risk Analysis Detailed in 2020 to the Office of Information Technology to manage the implementation of the AWS Cloud and lead the associated organizational change efforts Joined the Office of the Chief Operating Officer in 2021. Leading Program and Project Management Community of Practice and the Agile Transformation for the agency 3 U.S. Securities and Exchange Commission
To protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Enforcing the laws of the Securities Act of 1933, which established the requirement for companies to register securities sold to the public - passed after the market crash of 1929 Securities Exchange Act of 1934 established periodic reporting requirements for public companies Also enforce the Investment Management Act and the Investment Advisors Act of 1940 www.sec.gov www.investor.gov 4 U.S. Securities and Exchange Commission
The Commission five members, headed by the Chair (selected by the President) Division of Enforcement Division of Corporation Finance Division of Examinations Division of Investment Management Division of Economic and Risk Analysis Division of Trading and Markets Office of the Chief Operating Officer Office of Information Technology Office of the General Counsel Office of Credit Ratings Office of the Chief Accountant Office of International Affairs Office of the Investor Advocate and many other small offices U.S. Securities and Exchange Commission
Staff Report on Equity and Options Market Structure Conditions in Early 2021 (sec.gov) `Meme stocks, including Game Stop, experienced a dramatic increase in their share price in January 2021 as bullish sentiments of individual investors filled social media. SEC Report released in October 2021 examines market events through published news reports and trading data gathered through the Consolidated Audit Trail. The ability to analyze data quickly and provide the information for public dissemination is a goal of the agency; this is made possible by the collaboration of business and technology teams. 7 U.S. Securities and Exchange Commission
88-year old agency with a staff of 4,500, primarily lawyers and accountants. EDGAR (Electronic Data Gathering, Analysis and Retrieval) was introduced in the early 1990s to allow public companies to electronically submit their regulatory filings. It has been continually updated and modernized over the decades. Significant fraud and market events increased the demand for data analytics and the technology to support it. The SEC hired market and data experts to help build its in- house capabilities. In 2020, the agency implemented its first general service support AWS cloud environment to bring flexibility, scalability, operational resiliency and speed to new solutions through the use of cloud computing capabilities. Technology has come to play an ever-increasing role in the way we do our work. 8 U.S. Securities and Exchange Commission
Technology is a critical toolset for the organization Technology is used: By lawyers to organize their cases and review documents By examiners to research and conduct their exams By economists to analyze data and develop policy recommendations By accountants to review filings and identify potential issues Business and their technology partners are building a partnership to deliver on the mission of the agency 9 U.S. Securities and Exchange Commission
To do our work well, we need to work together Agile values: Collaboration, Communication and Transparency Project Management practices and processes are aligned and support the agile methodology The SEC is adopting agile practices and applying them to business practices to improve the way we work together as business and technology partners 10 U.S. Securities and Exchange Commission
We are uncovering better ways of developing software/delivering business value by doing it and helping others do it. Through this work we have come to value: Individuals and Interactions OVER Processes and Tools Comprehensive Documentation OVER Working Software Customer Collaboration OVER Contract Negotiation OVER Responding to Change Following a Plan That is, while there is value in the items on the right, we value the items on the left more. The SEC, Organizational Evolution U.S. Securities and Exchange Commission
We are uncovering better ways of developing software/delivering business value by doing it and helping others do it. Agile Principles Gallery Walk Individuals and interactions over process and tools Working software over comprehensive documentation Customer collaboration over contract negotiation Responding to change over following a plan Values Build projects around motivated individuals, give them the environment and support they need, and trust them to get the job done. Deliver working software frequently, from a couple of weeks to a couple of months, with a preference to the shorter timescale. Business people and developers must work together daily throughout the project. At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behavior accordingly. Principles The most efficient and effective method of conveying information to and within a development team is face-to-face conversation. Working software is the primary measure of progress. Agile processes promote sustainable development. The sponsors, developers, and users should be able to maintain a constant pace indefinitely. Welcome changing requirements, even late in development. Agile processes harness change for the customer's competitive advantage. Activity: Simplicity -- the art of maximizing the amount of work not done is essential. Our highest priority is to satisfy the customer through early and continuous delivery of valuable software. Continuous attention to technical excellence and good design enhances agility. The best architectures, requirements, and designs emerge from self-organizing teams The SEC, Organizational Evolution U.S. Securities and Exchange Commission
The SEC, Organizational Evolution U.S. Securities and Exchange Commission 13
Agility: Plan-driven vs. value-driven Plan- driven Value-driven 14 U.S. Securities and Exchange Commission
Success depends upon Executive Sponsor, Guiding Coalition Personal Ownership/Accountability Sense of Urgency Communication Leadership 15 U.S. Securities and Exchange Commission
Executive Sponsorship Chief Operating Officer Leadership Agility Initiatives led by federal staff Training Agile training and learning opportunities Program and Project Management Community of Practice Continuous Learning and Improvement Early agile project teams are helping us building the business/technology partnership and see where we need to make changes and improvements 16 U.S. Securities and Exchange Commission
Customer driven vision: ability to analyze large amounts of data Five workstreams to deliver the vision Three different contract vendors Multiple business divisions impacted 17 U.S. Securities and Exchange Commission
Example: Program A Organization Agile Core Practices Program Management Office Daily Standups Teaming Agreement Program Increment Planning Program Manager Retrospectives Contractor PMO Lead Contractor PMO staff Program Management Agile Coach Contractor Organizational Change Management team Integrated Project Team Team Communications Team Events Weekly Reporting U.S. Securities and Exchange Commission
Monday 9:30 a.m. Stand up Tuesday Wednesday 9:30 a.m. Stand up Thursday 9:30 Integrated Project Team (IPT) Meeting Friday 9:30 a.m. Stand up 10:30 PMO Sync Up 11 a.m. Retrospective (monthly) 2 p.m. Cloud Advisory Committee Weekly Status Meetings (work streams 1 and 2) Weekly Status Meetings (Work streams 3 and 4) 4 p.m. Cloud Team Check In Program Artifacts (stored on Confluence and JIRA) PMO Task Tracking IPT Agendas and Presentations Workstream Vision Boards and Roadmaps Program Increment Planning Boards 19 U.S. Securities and Exchange Commission
Goals: Foster collaboration Transparency Safe space for experimenting Drive decision making Deliver business value Membership: contractors and staff for all five projects, OIT staff from Security, Governance, Infrastructure, and Strategy and Innovation, business representatives from the user community Weekly Agendas: Information on and presentations from project teams on topics related to the program Outcome: Customer engagement, continuous information flow to all parties 20 U.S. Securities and Exchange Commission
IDCommunication Vehicle 1 Program Confluence Site Target Audience Description/PurposeFrequenc Distribution Vehicle Confluence Internal / External? Internal & External Owner y Program Project Teams Share information Ongoing PMO regarding ongoing activities and meetings across the projects and program JIRA Project sites Program Project Teams Document project user Ongoing Project Leads JIRA/Confluen Internal 2 stories, backlog and issues Provide daily updates on activities and share blockers Share information regarding ongoing activities and meetings across the projects and program Share information regarding ongoing activities and accomplishments across the projects and program ce Daily Stand Ups Project Leads and other interested parties Daily PMO WebEx Internal 3 IPT Meeting Project Teams and Business Stakeholders Weekly PMO WebEx Internal 4 Newsletter The Chronicle Projects Teams and Business Stakeholders Monthly PMO Outlook email Internal 5 21 U.S. Securities and Exchange Commission
General Support Services cloud platform up and running Data analytic environment now available and in use Platform now available to leverage for future uses and functionality as the mission challenges grow 22 U.S. Securities and Exchange Commission
Senior Engagement Bringing business agility concepts and practices to the Division COOs and encouraging them to share it with their teams Business Engagement Building the case for Product Owners and Product Ownership in the business Moving the needle to the right: Development/Operations Addressing IT security concerns is a fundamental agency priority that requires time and resources Implementation of software automation could be a 3-5 year effort 23 U.S. Securities and Exchange Commission
Focusing on the Customer and delivery of business value Product Ownership Design Thinking Continuous feedback loops Building Technical Excellence/DevSecOps in the organization Using opportunities the cloud brings to automate and streamline our processes Continuing to develop the Agile Community to support communications, coaching support and sharing of challenges and successes 24 U.S. Securities and Exchange Commission
