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Fiduciaries spend considerable time focused on performance and evaluating managers' various performance metrics.  Far too many pay little attention to the operational risks associated with an investment vehicle.  These risks can have far greater immediate impact on performance and in some cases result in 100% loss with potential legal consequences to the fiduciaries. 
 
Integrated Compliance Solutions Group LLC ("ICSGroup") provides compliance and operational due diligence reviews for pension funds, fund of funds and other institutional investors.  In the years prior to the Madoff scandal, many believed that if a firm responded favorably to due diligence questionnaires and provided representations and warranties, that the firm must be suitable to invest in from a "compliance" stand point.  This complacency is no longer sufficient to meet fiduciary obligations and most often will result in significant legal liability when investors look for retribution from those who have a fiduciary duty to act with prudence when managing their assets.

 
Investors incur investment risks which are unavoidable.  The reviews ICSGroup conducts help minimize operational risks which are avoidable.  Our operational due diligence reviews relate to functions at both the advisor and at the investment product level.  It is much more than simply ensuring regulatory compliance.  We test to ensure managers are actually doing what they say they do in their reps and warranties.  We focus on all the non-investment facets associated with an investment including the manager, fund structure and service providers such as custodians and administrators.  A comprehensive review would include, but not be limited to:
  • fees and expenses
  • side agreements
  • actual or perceived conflicts of interest 
  • controls in place over accounting and cash movement
  • trading, pricing and valuations, and NAV calculation  
  • independent oversight and corporate governance
  • the manager and general partner's structure, back office and IT infrastructures
  • the regulatory and compliance posture
  • independent verification of assets
  • an evaluation of the investment vehicle compared to other products offered by the manager
Fiduciaries need to assess these areas of risk and/or work with independent consultants who can assist with the review.  
 
Visit ICSGroup's website, www.i-c-solutions.net, for more information about our compliance and operational risk services and contact us at
info@i-c-solutions.net to learn more.
 
Integrated Compliance Solutions Group LLC
Medina Jett, Esq.
Founder and Managing Director

 

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