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Capital Market Risk Advisors

Best Practice and Gap Analysis Assessments

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A Holistic Approach

CMRA is a thought leader in Best Practice. The breadth of our client base, (including hedge funds, money managers, funds of funds, investment banks, commercial banks, derivatives companies, institutional investors) as well as geographic diversity (We have clients on 6 continents) gives us a unique cross industry perspective on best practices.

Select Assignments in Best Practice

  • Review of risk management and risk governance for a large asset manager

  • Advised Mutual Fund Directors Forum on "Risk Principles for Fund Directors"

  • Expert witness on operational "Best Practices" for CDS

  • Evaluated market risk management of structured finance business for large European bank

  • CMRA assisted the Mutual Fund Directors Forum in the creation of "Risk Principles for Fund Directors"

  • Conducted Risk Governance Survey of 140 financial institutions

  • Advised the Buy-Side Risk Managers in the creation of "Risk Principles for Asset Managers", published February 2008.

  • Co-chaired the IAFE's Investor Risk Committees Best Practices group

  • Conducted a Fund of Funds Best Practice review for The Alternative Investment Management Association (AIMA)

  • Conducted a multi-client study on buy-side risk management.

  • Benchmarked the practices of hedge funds, money managers, fund of funds, investment banks, commercial banks, derivatives companies and institutional investors

  • Served as Technical Advisors and Coordinators to the Risk Standards Working Group in the development and release of the Risk Standards for Institutional Investment Managers and Institutional Investors

  • Conducted an Economic Capital survey of 40 financial institutions.

  • CMRA has written expert reports and testified on best practices in derivatives, repos, MBS and governance

Publically Disclosed Best Practice Surveys

 
 

Selected CMRA in the Press – Best Practices

How to recognise and benefit from a financial bubble - Morningstar - Jan. 2019

Six Women Honored With Outstanding Women in Performance & Risk Measurement Award - The Spaulding Group - June 2018

The Quants May Not Be Able To Prevent The Next Meltdown - Forbes - Jan 2012

What Is a Chief Risk Officer, and Should Hedge Fund Managers Have One? - Hedge Fund Law Report - Aug. 2009

Risk Inverse - The Journal of Portfolio Management - Spring 2009

In Modeling Risk, the Human Factor Was Left Out - The New York Times - Nov. 2008

The Journal Interview- Leslie Rahl - The Spaulding Group

VaR Enough? Market turbulence tests the limits of Value at Risk - Institutional Investor - June 2008

Buy-Side Group Outlines Risk Management Best Practices - Global Investment Technology - March 2008

Risk Management Decoded - The New York Sun - Sep. 2007

Hidden risk: Investors skim over question of fund valuation - Pensions & Investments - July 2004

AIMA Releases Fund of Funds Guidebook - Lipper HedgeWorld - Oct. 2002

IRC Surveys Industry on Transparency and Valuation Practices - HedgeWorld - Nov. 2002

Institutional Investor - June 2002

Preliminary findings from a study of funds of funds by Capital Market Risk Advisors (CMRA) in conjunction with the Alternative Investment Management Association show that institutional investors are still nervous about the lack of transparency and the high risk involved in investing. The study's early findings also show that fund managers and fund of fund managers are hesitant to embrace the idea of best practices or reporting standards. The CMRA study is scheduled for completion and release in August of 2002.

"There is a tug of war going on," said Leslie Rahl, president of CMRA, who shared these preliminary results during a panel on transparency and disclosure at the 9th Annual Hedge Fund Forum held in New York this week. Managers in the alternative investing world are typically anti-bureaucracy and anti-authority, she added. And investors are inclined to demand adherence by managers to "best practices," a full understanding of risk in each fund, and funds with stable infrastructure and investment processes that are not reliant on a single manager.

June 6, 2002

 
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