Theme 1: Role of the CIO
What CIO characteristics do you think were important in this hiring decision?
The Sarbanes Oxley Act requires the SEC to review 1/3 of the companies registered with the SEC each year. While congress increased the SEC budget from $514m to $716m they could not hire accountants and examiners quickly enough to comply with the law. Effective utilization of technology to automate much of the review process was the only available solution.
Mr. Booths had significant experience helping develop IT strategies for Large Financial Service companies. These companies had been subject to strict regulatory compliance for many years and had large IT budgets that allowed them to experiment with a wide variety of new technologies. As an MBA graduate from Stanford he had quickly shown his problem solving abilities at McKinsey and rapidly advanced to the position of Associate Principal within the Business Technology practice.
Crane on the Travelodge site Carrs Lane
Michael Oxley , U.S. Senator from Maryland.
RYAN CARRThis made him an obvious candidate for the job.
Source: Information Week August 17th, 2004 Beth Bacheldor.
What would your major objectives and priorities be in this scenario?
SEC Chairman William Donaldson said there was a need to focus on and improve the effective utilization of technology within the SEC and saw a need to develop a long term comprehensive strategic plan to serve its primary client - The American Investor.
The major objectives for Mr. Booth's IT organization would be:
1) Provide the American investor with appropriate and timely information that would allow them to invest more effectively.
2) Provide the technological framework and support to allow the SEC to comply with the Sarbanes Oxely Act and other regulatory bodies.
The Priorities to meet these objectives would be to:
1) Assess the current capabilities of the SEC IT organization.
2) Assess the current and near to mid term business...