Mary L. Schapiro, former chairman of the Securities and Exchange Commission (SEC), became the managing director and chairman of governance and markets practice of the Promontory Financial Group, a firm providing consultancy services for banks and other financial entities under regulatory investigation.

Mary L. Schapiro

Schapiro resigned as chairman of the SEC in December after implementing changes amid the financial crisis. Her initiatives regained investors’ confidence in the securities regulator. Back in November while still serving as chairman of the SEC, Schapiro said, “Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rule-making periods, and gained greater authority from Congress to better fulfill our mission.”  President Barack Obama appointed her in 2009 when investors lost their confidence on the agency during the financial crisis. She played an important role is developing the Dodd-Frank Act in 2010.

Schapiro is the only person who served as chairman of the SEC and the Commodity Futures Trading Commission (CFTC). During her tenure in the securities regular, she carried out a record number of enforcement actions and implemented a comprehensive restructuring program to protect investors.

Eugene A. Ludwig, founder and chief executive officer of Promontory Financial Group said, “Mary is an outstanding advocate for investors and was a strong and decisive regulator during one of the most volatile periods in our financial history.” Ludwig also said that Schapiro’s profound understanding of the financial markets in the United States and globally, decades of regulatory leadership, and relevant perspective and inside will add to the firm’s significant involvement in the capital markets.

On the other hand, Schapiro said,  At Promontory, I join a team of highly experienced professionals who work with clients to meet regulatory and investor expectations while advancing the evolving norms for corporate governance and regulatory compliance. This is important not only to companies, but also to our markets and to global prosperity. I look forward to working with my new colleagues and with our clients.”

According to her, the risk environment in the global markets is increasingly complex, and managing those risks while balancing the interests of many constituents is challenging the practices of corporate governance, regulatory policy and corporate behavior.

Schapiro will work with the clients of the firm to ensure that quality of their corporate governance and provide advice on risk management.