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CMRA works with mutual funds who are serious about applying risk
management techniques to enhance their funds' performance and to meet the increasing reporting needs of institutional investors, liquidity providers and regulators. Implementing a Best Practice Risk Management
infrastructure can help reduce downside risk, improve communication between traders and managers, improve capital efficiency and provide a valuable marketing tool to institutional investors. CMRA can customize a
risk management process that is designed for the dynamics of your investment activities.
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CMRA Services
- Risk budgeting
- Risk management for investment managers
- Risk management policies and guidelines
- Risk transparency for investors
- Best Practice comparison
- Style based risk analysis
- Independent valuation
- Build risk management infrastructure and process
- Implement Value-At-Risk, Stress Testing and other risk tools on an absolute benchmark relative basis
- Information vs. data
- Liquidity risk
- Operational risks
- Review compliance with investment guidelines, policies and procedures
- Provide trading and risk management system selection
- Test and benchmark complex pricing models
- Structure alpha-transport transactions
- Assess business unit risk
- Risk governance
- Develop meaningful risk limits and set a firm-wide risk appetite
- Provide independent risk oversight and internal audit services
- Introduce customized risk and P&L reports
- Create risk branding marketing materials
- Design and implement risk adjusted performance measures
- Assess impact of changes in covenants, regulations and partnership agreements
- Management training
- Operational/compliance risk assessment
Selected Assignments
Performed a review of risk management requirements for a major $100
billion+ money management complex.
Reviewed the instruments permissible under 2A-7 and educated the
largest insurer of mutual funds on the assessment of risk in more complex instruments.
Analyzed the style consistency of a value manager.
Conducted an independent risk assessment for one of the largest
mutual funds groups for each of its fund's portfolios, and designed and implemented risk management policies, controls and procedures for all financial activities. In addition, CMRA conducted a training session for
the Board of Directors.
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. The combined Working Group and Comment Group consisted experienced individuals from over 70 major
pension funds, endowments, foundations, insurance companies, investment managers, master trustees, regulators, consulting firms and academics.
Performed a comprehensive risk assessment and updated internal and
external risk management policies, implemented improved risk reporting, and reviewed internal and external investment managers for a large corporate pension fund in the US.
Developed derivative guidelines for the overall fund and its
investment managers of a large US corporate pension fund. This included the design of a fund-level risk reporting and aggregation reporting system to drastically improve the ability to manage the trust assets.
Reviewed the manager guidelines and risk management capabilities of
four of the outside managers for one of the largest Fund of Funds.
Analyzed the impact of several proposed covenants for a new fund and
reviewed the robustness of their approach for a hedge fund.
Analyzed the circumstances surrounding Orange County’s unexpected
collateral calls for an assessment of the impact on the overall portfolio and investment strategy.
Designed and implemented a Value at Risk methodology and reporting
process for a large hedge fund.
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