Mary Schapiro In her role at the SEC, Mary Schapiro was known as one of the world's most powerful female regulators. She was named chair in the midst of the worst financial crisis since the Great Depression. As chairman, she helped strengthen and revitalize the agency by overseeing a more rigorous enforcement program and shaping new rules for Wall Street. During her tenure, the agency's work force brought about a record number of enforcement actions and achieved significant regulatory reform to protect investors. Schapiro leaves behind an agency that has regained its footing, stature, and morale following desultory leadership under its previous two chairmen and its embarrassing lack of action preceding the financial crisis. Under …show more content…
The SEC has been the target of relentless criticism ranging from claims that it mishandled derivatives regulation, oversight of securities firms, and market risk, to assertions of delays and blunders and possible industry capture at the Division of Enforcement. These criticisms followed the Treasury Department's Blueprint of Financial Regulation-released in March 2008-that criticized the SEC's approach to regulation as obsolete and proposed a plan of regulatory consolidation that would effectively lead to the agency's demise. Most recently, the revelation that the SEC failed to discover a $50 billion Ponzi scheme at Madoff Investment Securities, despite having received allegations of wrongdoing for over a decade, suggests fundamental weaknesses in its core enforcement operations. To be successful at organizational change, however, a change leader must use the crisis to shake up the organization. This requires that the change leader "remove sources of complacency or minimize their impact" and take actions that are "bold or even risky." Kotter uses the concept of fire in a building as a proxy for crisis in an organization, writing that "conducting business as usual is very difficult if the building seems to be on fire."Interestingly, Chairman Schapiro invoked fire imagery in comments to reporters as she made changes to SEC operations shortly after taking office. Moreover,
“The images, metaphors, or frames that we hold, both of managing and of change, influence our ideas of what we think managing change is all about” (Palmer, Dunford, & Akin, 2009). As people we all see through our own eyes, we call see a different perspective and have a different reaction to what is coming next. As human beings we react differently to situations. Situations of change are transitions that some are able to adapt to quickly while others have a hard time. Being the leader of that change can be difficult and helping make a change does not come easily or effectively. Keep and Newcomer (2008)
Nowadays, it is almost impossible to find a building that does not have exit signs or fire extinguishers in America. Whether in a university or at the work place, exit signs and fire safety instructions can easily be found by anybody. Fire drills are regularly practiced to ensure the least amount of casualty will occur if something goes wrong. However, a hundred years ago safety issues were barely taken into considerations and safety regulations were most of the time inexistent, as illustrates the terrible fire that happened a hundred years ago at the Triangle
The Triangle Shirtwaist Fire not only affected the city of New York, but also the rest of the country. It forever changed the way our country would look at safety regulations in factories and buildings. The fire proved to America what can and will happen if we over-look safety regulations and over-crowd buildings. Unfortunately, 146 lives are taken before we fully understand this concept.
In times of uncertainty and failure I believe that a transformational leader would inspire performance and creative behaviors in their employees to meet the emerging needs of their organization. I believe that the transformational leader would have the ability to motivate his or her employees and inspire them to trust and be loyal employees. Additionally, I think that a transformational leader would continue to maintain daily operations and continue to stimulate their employees to perform with confidence to achieve the goal and meet the standards of the organization.
Leaders change systems, structures and policies that have not yet been confronted. They hire, promote and develop employees who can implement the vision for change. In addition, they revitalise the process with a new round of projects or change agents.(Cengage Learning AUS, 2015)
“There must be a strict supervision of all banking and credits and investments; there must be an end to people’s speculation with other money (pg 92).” The SEC was designed to keep security on Wall Street.
For years if not decades, firefighters have responded to a reported structure fire that turned out to be a fully involved single room. This fire scenario requires a core set of fire tactics and skills to control and extinguished the fire, but is it this simple? Perhaps twenty years it may have been, but new dangers are lurking in every scenario and may have detrimental outcomes for unsuspecting and unaware firefighters and victims. The National Institute of Science and Technology (NIST) agency along with the Underwriters Laboratory (UL) have been conducting research to understand fire behavior and fire dynamics. This research is providing firefighters with new information about how and why
The best leader I have ever had was Lizzie Stovall. Mr. Stovall was definitely a great example of a model leader. I believe Mr. Stovall possessed all ten of the leadership qualities. Mr. Stovall was an ex drill Sergeant so providing purpose and motivation to accomplish a task was a cake walk for him. Mr. Stovall made his vision clear to everyone and he made everyone feel that they played a vital role in accomplishing the mission.
Inherently the fire service operates in high-risk environments to facilitate the role of preserving life safety and property conservation. How these incidents are managed and safeguarded by our administration
Organizations must respond to their internal and external environment. Therefore, organizational success heavily relies on leaderships ability to manage change. Unfortunately, many leaders struggle to effectively lead change initiatives. In fact, Ashkenas (2013, para. 1) reported 60 – 70% of organizational change initiatives fail to meet their objectives.
Change is a double-edged sword (Fullan, 2001). Change is a word that might inspire or put fear into people. Leadership is challenging when it comes to dealing with change and how individuals react within the organization to the change. Marzano, McNulty, and Waters (2005) discuss two orders of change in their book School Leadership that Works; first and second. Fullan (2001) also adds to the discussion in his book Leading in a Culture of Change, with regard to understanding change. In Change Leadership, Keagan and Wagner (2006) discuss many factors of change and the systematic approach to change. Change affects people in different ways. Leaders need to be able to respond to the individuals throughout the change process.
In order to move forward and keep ahead, I believe an organization need change leaders who have capabilities to have their workforce go from change avoidance to change acceptance. “One of the most significant strengths of an effective leader is the ability to create a positive work climate where people are energized to do their best work, free of unnecessary distractions” (Cronkite, n.d.). During this part of the change process I feel the change leader would have better success if he would be tactful and harness the skills of others by working in a collaborative rather than hierarchical way. Leadership in an organization involves instilling motivation and enthusiasm in the employees. An effective leader knows how to manage and tackle difficult situations and people. Many reasons can cause a force of change in organizations but I feel it’s up to change leaders to manage these planned and unexpected changes. (Word count: 548)
One strength good leaders bring is to switch their leadership styles depending on the situation (Darling & Heller, 2012). This is like situational leadership and it is important in organizational change as well. Situational Leadership is a model designed by Dr. Paul Hershey in the 1960s which focuses on how managers can develop competencies to diagnose, adapt, communicate, and advance the situation they are in (The Center for Leadership Studies, n.d.). Hershey stresses the importance of relationship of the approach of the leader and the readiness of the followers for a specific task (The Center for Leadership Studies, n.d.). This is the same as a change manager. Although dominant forces are often the initial go-to for change managers, good change managers must assess the situation and apply the needed ideal change manager to the situation. Because of this, regardless of the dominant change manager, it behooves an effective organizational leader to understand the different images of change and how they can influence a change’s successful
Leadership is critical when executing a strategic change initiative. By differentiating leadership and management, leadership styles and the key factors of change we can better understand what should be done to successfully lead change. Success is not obtained through leadership alone but by developing a group of individuals from all levels of the organization who work together as a team. . (Leban and Stone, 2007)
Many have heard the proverb, “A chain is only as strong as its weakest link.” This can be directly applied to business organizations through analysis of the three strongest and/or weakest links: managers, leaders and the organizational structure. These three areas provide the central core to any organization and are often linked to dramatic failures and consequences when weaknesses arise. In this paper, the student will discuss the 2002 failure of Tyco International Ltd. ® (Tyco) in which the Securities and Exchange Commission (SEC) filed a lawsuit claiming fraud, reporting violations,