The British Horseracing Authority (BHA) says security chief Paul Scotney will continue in his role after the collapse of the Old Bailey race-fixing trial.
Fallon was cleared of conspiracy to defraud Betfair customers
Scotney has led a crackdown on alleged corruption in the sport.
But he faced calls to resign from some commentators when former champion jockey Kieren Fallon and five others were acquitted after a £10m trial.
A review of the BHA's security operations will be headed by ex-chief constable Dame Elizabeth Neville.
The BHA says she will "take into account any issues raised by the trial" and is expected to report in the early months of the new year.
Chief executive Nic Coward said: "Nothing has changed the resolve of the British Horseracing Authority to preserve the highest levels of integrity in the sport. This remains a priority."
Former Wiltshire police chief Dame Elizabeth Neville, Britain's second female chief constable and a director of the Serious Fraud Office, will report directly to Coward.
"Racing has built a strong track record in recent years, particularly through the work of the regulatory committee and security department," he said.
Scotney leads a team of betting and intelligence analysts
"This has been recognised by other major sports, regulators and Government.
"This role for racing has been carried out by Paul Scotney and the department he has led throughout this time, and which the board has tasked him with building on in the future."
Scotney spent 27 years as a police officer, and the former detective was recruited by the then Jockey Club in 2003 after the BBC Panorama TV programme called 'The Corruption of Horse Racing'.
Since the Panorama programme, more than 40 licensed individuals, including jockeys, trainers and owners, have been banned from the sport.
Scotney insists Fallon was not the main focus of information passed by the BHA to City of London police in March 2004, which led to a criminal investigation into allegations of race fixing.
Ben Gunn, the BHA's non-executive director with special responsibility for integrity matters, said: "It is a matter of fact to say that once this information was passed to the police, the preparation of the case was wholly in their hands."
Fallon, fellow jockeys Fergal Lynch and Darren Williams, gambler Miles Rodgers, Lynch's brother Shaun and barman Philip Sherkle went on trial at the Old Bailey accused of conspiring to defraud customers of the online betting exchange Betfair.
They all denied wrongdoing and Fallon said after their acquittals that he was "outraged" to have been charged.
Police had referred the case to the Crown Prosecution Service (CPS), which ruled it should go ahead.
One of the main prosecution witnesses at the trial was Australian steward Ray Murrihy, who admitted he was not familiar with all the rules and culture of British racing.
"The decision on expert witnesses called to give evidence is entirely a matter for the police, the CPS and prosecuting counsel," said Gunn.
"Neither the BHA nor our predecessor, the Horseracing Regulatory Authority, had any part in this decision."