Information Systems: Opportunities Exist to Strengthen SEC's Oversight of Capacity and Security

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A letter report issued by the General Accounting Office with an abstract that begins "Capacity problems and other disruptions at the securities and options exchanges have caused processing delays within the U.S. securities markets in recent years. These exchanges and clearing organizations have also been concerned about unwarranted access by hackers and other unauthorized users. To address these issues, the securities and Exchange Commission (SEC) created its automation review policy program in 1989. The program calls for the exchanges and clearing organizations that act as self-regulatory organizations to voluntarily follow SEC guidance and submit to oversight of their information systems. ... continued below

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United States. General Accounting Office. July 25, 2001.

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Description

A letter report issued by the General Accounting Office with an abstract that begins "Capacity problems and other disruptions at the securities and options exchanges have caused processing delays within the U.S. securities markets in recent years. These exchanges and clearing organizations have also been concerned about unwarranted access by hackers and other unauthorized users. To address these issues, the securities and Exchange Commission (SEC) created its automation review policy program in 1989. The program calls for the exchanges and clearing organizations that act as self-regulatory organizations to voluntarily follow SEC guidance and submit to oversight of their information systems. The program includes two key policy statements that provide voluntary guidelines to these organizations, periodic on-site inspections by SEC staff, and independent reviews of systems by internal auditors or external organizations. In addition, self-regulatory organizations are expected to provide SEC with reports of system outages and notices of system modifications. This report reviews SEC's effectiveness in its oversight roles. GAO found that the program reasonably ensures that self-regulatory organizations address capacity, security, and other information systems issues. However, SEC could improve its program oversight by consolidating criteria used by program staff into a comprehensive guide. Overall, SEC's inspections addressed the key areas of program guidance and often contained substantive recommendations designed to improve the organizations' procedures."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • July 25, 2001

Added to The UNT Digital Library

  • June 11, 2014, 5:03 a.m.

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United States. General Accounting Office. Information Systems: Opportunities Exist to Strengthen SEC's Oversight of Capacity and Security, report, July 25, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc291005/: accessed October 22, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.