ICI Publishes White Paper On The Role Of Chief Risk Officers Within Mutual Fund Organizations

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August 7, 2007

TO: COMPLIANCE MEMBERS No. 44-07
INTERNAL AUDIT ADVISORY COMMITTEE No. 6-07
PRIMARY CONTACTS - MEMBER COMPLEX No. 16-07
SEC RULES MEMBERS No. 104-07 RE: ICI PUBLISHES WHITE PAPER ON THE ROLE OF CHIEF RISK OFFICERS WITHIN MUTUAL FUND ORGANIZATIONS

 

I am pleased to provide you a copy of the Institute’s latest white paper, Chief Risk Officers in the Mutual Fund Industry: Who Are They and What is Their Role Within the Organization?  This paper is the result of a project of the Institute’s Risk Management Advisory Committee (RMAC).  Membership on the RMAC is limited to those persons employed by a member of the Institute who hold the position of Chief Risk Officer (CRO) (or its equivalent).  The RMAC decided to undertake a study of how mutual fund organizations with a CRO have integrated that position with other positions within the organization that have discrete risk responsibilities (e.g., the internal auditor, chief compliance officer, chief legal officer, and other senior management).   The white paper is based upon extensive interviews of CROs within mutual fund organizations using a questionnaire that was developed by a working group of the RMAC. The questionnaire elicited information about the CROs’ characteristics and roles and responsibilities within their organizations. 

The white paper provides an unprecedented look at CROs within mutual fund organizations.  Because the Institute has agreed to protect the identity of all individuals and firms participating in this study, the white paper contains only aggregate results from the survey.  We hope you will find its contents valuable. 

If you would like a hard copy of this document, please contact the undersigned by phone (202-326-5825) or email (tamara@ici.org).

Tamara K. Salmon
Senior Associate Counsel

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