Press Release: SEC Risk Director Charles Fishkin to Leave Commission; 2006-204; Dec. 12, 2006
summary
Charles Fishkin, former SEC Director of Risk Assessment, voluntarily left the Commission to join AllianceBernstein L.P. after establishing an innovative agency-wide risk management program, with no fraud, misconduct, or penalties involved.
paragraph
Charles Fishkin, who led the SEC’s Office of Risk Assessment from 2004 to 2006, is departing the agency to take a risk management position at AllianceBernstein L.P. He is credited with creating the SEC’s first comprehensive, agency-wide risk management program, which improved oversight of emerging market risks including hedge funds, complex financial instruments, and international regulatory challenges. No fraud, charges, or financial penalties are mentioned—his departure is framed as a career transition and is met with public praise from SEC Chairman Christopher Cox for enhancing the agency’s proactive regulatory capabilities.
narrative
Charles Fishkin, Director of the SEC’s Office of Risk Assessment since July 2004, is leaving the Commission to join AllianceBernstein L.P. as a risk management executive, marking a voluntary career transition rather than any disciplinary action. Under his leadership, the SEC established its first agency-wide risk management program, introducing innovative tools such as quantitative methods, new IT systems, and enhanced inter-office collaboration to anticipate market risks. The Office of Risk Assessment, which he founded, played a critical role in addressing emerging threats including hedge fund regulation, disclosure gaps, and financial product complexity. SEC Chairman Christopher Cox praised Fishkin as an innovator and leader whose work laid a lasting foundation for the agency’s mission to protect investors and maintain orderly markets. Fishkin, who commuted weekly from Boston during his tenure, also published a book on risk management titled 'The Shape of Risk' and previously served on the board of the International Association of Financial Engineers. He expressed deep gratitude for his time at the SEC, calling it the most challenging and rewarding work of his career. His departure is universally described in official statements as a positive move, with no allegations of misconduct, fraud, or financial impropriety.
Classified non-corporate(confidence 100%). No EDGAR filing fingerprint (criminal/DOJ-side scheme). detection rule →
Parties
christopher coxrisk management position at alliancebernstein l.p.sec chairmanSecurities and Exchange Commissionwilliam h. donaldson
Keywords
riskrisk managementagencyfishkinnewcommissionmanagementseccharles fishkinleave commissionrisk assessmentcharlesprogramrisk directordirector charles
Extracted insights
Entities 5
- person christopher cox
- company risk management position at alliancebernstein l.p.
- agency sec chairman
- agency Securities and Exchange Commission
- person william h. donaldson
Triples 8
- Charles A. Fishkin leave Securities and Exchange Commission
- Charles A. Fishkin take risk management position at AllianceBernstein L.P.
- subject introduce cultural, organizational, and methodological changes
- Securities and Exchange Commission create Office of Risk Assessment
- Securities and Exchange Commission introduce innovative agency-wide risk management program
- Christopher Cox serve as SEC Chairman
- William H. Donaldson appoint Charles A. Fishkin
- Office of Risk Assessment develop process for senior managers
Extracted body text (4,549c)
SEC Risk Director Charles Fishkin to Leave Commission Established Major New Office and Innovative Risk Management Program FOR IMMEDIATE RELEASE 2006-204 Washington, D.C., Dec. 12, 2006 - The Securities and Exchange Commission announced today that Charles A. Fishkin, Director of the SEC Office of Risk Assessment, will leave the Commission early in the new year to take a risk management position at the New York City headquarters of AllianceBernstein L.P., a global asset management firm. Mr. Fishkin leaves the Commission having introduced important cultural, organizational, and methodological changes to help the Commission better anticipate and address emerging issues and potential problems in the securities markets. Under his leadership, the Commission created the Office of Risk Assessment and introduced an innovative agency-wide risk management program. Mr. Fishkin, 46, will remain at the agency during a transition period to assist with ongoing matters and to work with the Chairman on identifying a successor. "Charles has had an enormous impact preparing the agency to meet tomorrow's challenges," said SEC Chairman Christopher Cox. "The risk program he and his office created will have a lasting effect on the SEC's ability to protect investors, maintain orderly markets, and promote capital formation. Starting a new program within a major federal agency is hugely challenging, but Charles successfully met that challenge through his abilities as an innovator and leader. With Charles's work as our foundation, the Office of Risk Assessment and our risk management program will continue to play a critical role in the success of the Commission's mission." Mr. Fishkin said, "I feel very fortunate to have had the opportunity to serve as a member of the agency's senior staff and to work closely with so many outstanding individuals in our office and across the agency. Their talents have made our capital markets the most admired in the world and America's investors the safest. It has been a unique honor to be asked by Chairman Donaldson to start this new program and continue it under the leadership of Chairman Cox and all of the Commissioners who have served during my time at the agency." "The agency has made extraordinary progress in building a culture of risk management, and I look forward to observing its continued growth in the years ahead," added Mr. Fishkin, who has commuted weekly from Boston since joining the SEC. "This has been the most challenging and rewarding work of my career, and my memories of my time here at the agency will be very fond ones. While I am eager to return to my family, I will very much miss the many personal friendships I have made here and the agency's distinct sense of camaraderie." Mr. Fishkin assumed his current position in July of 2004, when he was appointed by then SEC Chairman William H. Donaldson to coordinate risk management activities across the agency. The Office of Risk Assessment was established to develop a process where senior managers at the Commission have the information to make better, more informed decisions and to adjust operations, resources and methods of oversight to address new challenges and prevent problems. The Office has been active in all aspects of the agency's operations and programs, including investment adviser issues, hedge fund regulation, international regulatory dialogue, disclosure, ethics, emergency preparedness, human capital and diversity. Since its establishment, the Office has helped the agency examine risks across the financial and corporate sector, including risks associated with new products and the increasing complexity of financial instruments and strategies. The Office has introduced various innovative approaches, including new information technology, statistical and quantitative methods, industry dialogue and enhanced collaboration and communication across the agency. Before joining the agency, Mr. Fishkin spent twenty years in the private sector in financial services. He also served on the board of directors of the International Association of Financial Engineers and help found its Operational Risk Committee. Earlier this year he published a book on risk management entitled The Shape of Risk: A New Look at Risk Management. He has a bachelor's degree in economics from the University of Chicago. He and his family currently reside in Wellesley, Mass., and they anticipate moving to the New York area later this year. http://www.sec.gov/news/press/2006/2006-204.htm Home | Previous Page Modified: 12/12/2006
OCR text (4,549c · plain-text · 99% conf)
SEC Risk Director Charles Fishkin to Leave Commission Established Major New Office and Innovative Risk Management Program FOR IMMEDIATE RELEASE 2006-204 Washington, D.C., Dec. 12, 2006 - The Securities and Exchange Commission announced today that Charles A. Fishkin, Director of the SEC Office of Risk Assessment, will leave the Commission early in the new year to take a risk management position at the New York City headquarters of AllianceBernstein L.P., a global asset management firm. Mr. Fishkin leaves the Commission having introduced important cultural, organizational, and methodological changes to help the Commission better anticipate and address emerging issues and potential problems in the securities markets. Under his leadership, the Commission created the Office of Risk Assessment and introduced an innovative agency-wide risk management program. Mr. Fishkin, 46, will remain at the agency during a transition period to assist with ongoing matters and to work with the Chairman on identifying a successor. "Charles has had an enormous impact preparing the agency to meet tomorrow's challenges," said SEC Chairman Christopher Cox. "The risk program he and his office created will have a lasting effect on the SEC's ability to protect investors, maintain orderly markets, and promote capital formation. Starting a new program within a major federal agency is hugely challenging, but Charles successfully met that challenge through his abilities as an innovator and leader. With Charles's work as our foundation, the Office of Risk Assessment and our risk management program will continue to play a critical role in the success of the Commission's mission." Mr. Fishkin said, "I feel very fortunate to have had the opportunity to serve as a member of the agency's senior staff and to work closely with so many outstanding individuals in our office and across the agency. Their talents have made our capital markets the most admired in the world and America's investors the safest. It has been a unique honor to be asked by Chairman Donaldson to start this new program and continue it under the leadership of Chairman Cox and all of the Commissioners who have served during my time at the agency." "The agency has made extraordinary progress in building a culture of risk management, and I look forward to observing its continued growth in the years ahead," added Mr. Fishkin, who has commuted weekly from Boston since joining the SEC. "This has been the most challenging and rewarding work of my career, and my memories of my time here at the agency will be very fond ones. While I am eager to return to my family, I will very much miss the many personal friendships I have made here and the agency's distinct sense of camaraderie." Mr. Fishkin assumed his current position in July of 2004, when he was appointed by then SEC Chairman William H. Donaldson to coordinate risk management activities across the agency. The Office of Risk Assessment was established to develop a process where senior managers at the Commission have the information to make better, more informed decisions and to adjust operations, resources and methods of oversight to address new challenges and prevent problems. The Office has been active in all aspects of the agency's operations and programs, including investment adviser issues, hedge fund regulation, international regulatory dialogue, disclosure, ethics, emergency preparedness, human capital and diversity. Since its establishment, the Office has helped the agency examine risks across the financial and corporate sector, including risks associated with new products and the increasing complexity of financial instruments and strategies. The Office has introduced various innovative approaches, including new information technology, statistical and quantitative methods, industry dialogue and enhanced collaboration and communication across the agency. Before joining the agency, Mr. Fishkin spent twenty years in the private sector in financial services. He also served on the board of directors of the International Association of Financial Engineers and help found its Operational Risk Committee. Earlier this year he published a book on risk management entitled The Shape of Risk: A New Look at Risk Management. He has a bachelor's degree in economics from the University of Chicago. He and his family currently reside in Wellesley, Mass., and they anticipate moving to the New York area later this year. http://www.sec.gov/news/press/2006/2006-204.htm Home | Previous Page Modified: 12/12/2006