The Securities and Exchange Commission has embarked on a new initiative to identify and assess risks in the financial markets by recruiting industry veterans to its Office of Risk Assessment.

The new initiative, the Industry and Markets Fellows Program, will bring in fellows to help the SEC staff become more aware of current industry practices and products.

In a statement, SEC Chairman Mary Schapiro, said, "It's a great way to bring in highly-seasoned financial experts who can help us keep pace with the practices of Wall Street and protect investors."

She added, "Modeled on other successful fellows programs at the SEC, this program will help us strengthen oversight of the securities markets as they evolve, and provide industry veterans the unique opportunity to help us restore confidence in the markets."

The SEC said it will begin recruiting candidates with extensive financial market experience in the areas of equity and fixed income trading; structured products; complex derivatives; financial analysis and valuation; fund management; investment banking and financial services operations.

Qualified candidates are encouraged to apply by June 1, 2009. The SEC has put out a statement on qualifications and duties of the fellows here.