On November 12th, the SEC announced it is creating a new Office of Data Science and Innovation as part of its Division of Economic and Risk Analysis (DERA). DERA offers impartial quantitative and qualitative economic analyses, accurate and reliable data, and insights from scientific research that aids in SEC’s rulemaking, enforcement, and examination operations.
The Office of Data Science and Innovation is intended to provide the SEC with expertise on data analytics, risk assessment, and structured disclosure. In addition, this new office will develop data analytics tools to enhance program data quality and information while coordinating with other sections of the SEC in addressing structured data concerns pertaining to rulemaking, analytics, data dissemination, and other areas.
Mike Willis, who has also been named an Associate Director in DERA, will lead the newly created office. Mr. Willis has served as the Founding Chairman of XBRL International and has over 30 years of public company reporting and audit experience.