FINRA Announces Retirement of Executive Vice President of Member Supervision Bari Havlik; Greg Ruppert Appointed as Successor
WASHINGTON—FINRA announced today that Bari Havlik, EVP and Head of the Department of Member Supervision, plans to retire from FINRA later this year. Havlik will be succeeded by Greg Ruppert, who currently reports to Havlik and serves as EVP and leader of FINRA's National Cause and Financial Crimes Detection Program (NCFC), on November 1st. She will remain an adviser to Ruppert to assist with the transition until the end of the year.
Since 2018, Havlik has led the Department of Member Supervision through transformational changes that created a single national examination and risk monitoring program designed to better align FINRA’s regulatory resources and expertise with the risk profiles and complexities of its member firms. Under the strong and diverse leadership team she brought together, the department has implemented a number of initiatives to improve the identification and mitigation of risks to investors, and to provide practical and actionable guidance to member firms so they can evaluate and improve their controls and compliance programs. Havlik has been a leading advocate for creating an inclusive culture at FINRA; one in which underrepresented groups have a voice, and diversity, in all its permeations, is valued and leveraged.
“Our mission of investor protection and market integrity depends on effective oversight, from early risk monitoring to timely guidance for firms to in-depth investigations of potential misconduct,” said FINRA President and CEO Robert Cook. “Bari has led a remarkable transformation in our risk monitoring and examination programs that will continue to strengthen FINRA’s ability to supervise our member firms effectively and efficiently. I am grateful for her leadership in that effort and in the important work that Member Supervision undertakes every day to safeguard investors and markets. Greg is an innovative leader who has demonstrated exceptional collaboration across FINRA in his time at the head of our national cause and financial crimes program. I am confident that he will build on Bari’s accomplishments and further enhance FINRA’s oversight capabilities.”
“I couldn’t be more proud of the team and everything they have accomplished over the last few years.” said Havlik. “It’s been an honor to work with so many dedicated professionals who work tirelessly to protect investors and the integrity of the markets.”
“I look forward to working with Robert and the rest of the senior leadership team to continue to strengthen our regulatory program in service of FINRA’s mission, with the benefit of the strong team and inclusive culture that Bari has created. Protecting investors is at the heart of our work, and I’m excited about this leadership opportunity and the ability to have a greater impact.” said Ruppert.
Havlik’s most significant accomplishment, the creation of a unified examination and risk monitoring program at FINRA, integrated previously separate financial, business conduct, and trading examination functions to drive more effective oversight, foster greater consistency, and eliminate duplication. Under this initiative, FINRA’s member firms are now grouped according to the businesses in which they are engaged, while FINRA matches its resources and expertise to those groups to build more targeted, better informed oversight.
Also under Havlik’s leadership, Member Supervision’s investigatory and surveillance functions were combined into NCFC, another single national program, designed to promote more consistent reviews, improve intelligence sharing, and enhance fraud detection capabilities. She created a new function dedicated to driving the strategic adoption of data analytics and technology solutions and capabilities, amplifying Member Supervision's ability to focus on, and more effectively review, high priority compliance risk areas, protect investors, uphold market integrity and manage risk. She drove program changes to mitigate risks associated with complex issues like cybersecurity and private placements.
Havlik has also been committed to building an expert, innovative, and collaborative team in Member Supervision, focusing on the identification and elevation of new leaders and talent within the team. She has been committed to hiring, developing and promoting a more diverse workforce. She also led the training and development of the Member Supervision team as part of the creation of a single national program from 14 office locations.
Greg Ruppert previously was Senior Vice President and Chief of the Financial Crimes Risk Management Group at Charles Schwab. Prior to that role, he was a Special Agent with the FBI for 17 years, working on complex financial investigations, terrorist financing, terrorism, and cyber threats. Ruppert is also Professor of Practice for the University of the Pacific, School of Engineering and Computer Science’s Data Science Master’s Program. Ruppert holds a Juris Doctorate and B.A. from the University of the Pacific.
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry – brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.