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⭐AM Asset Management. Investment Management Services. Comptroller s Handbook. August 2001 AM-IMS
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Esther Hilda West
1 AM-IMS Comptroller of the Currency Administrator of National Banks Investment Management Services Comptroller s Handbook August 2001 AM Asset Management2 Investment Management Services Table of Contents Introduction Background...1 Portfolio Management and Advisory Services...2 Investment Clients...6 Regulation and Supervision...9 Risks...12 Risk Management Processes...15 Examination Procedures...39 Bank Activities General Procedures...40 Quantity of Risk...44 Quality of Risk Management...52 Conclusions...74 Registered Investment Advisers General Procedures...77 Quantity of Risk...82 Quality of Risk Management...90 Conclusions Appendixes A: Portfolio Management Processes B: Trust Investment Law C: ERISA Investment Standards D: Investment Management and 12 CFR E: Investment Policy Statements F: Guidelines for Selecting Investment Managers and Advisers G: Investment Management Policy Guidelines References Comptroller s Handbook i Investment Management Services3 Introduction For purposes of this booklet, investment management is defined as the business of managing or providing advice on investment portfolios or individual assets for compensation. Investment management is one of the financial service industry s primary product offerings and generates considerable revenue. National banks are significant providers of investment management services, and for many it is a key strategic line of business. This booklet contains an overview of the investment management business, its associated risks, and an appropriate risk management framework. It provides national bank examiners with supervisory guidance for examining and monitoring these activities in large banks and, if applicable, community banks. Also included in the booklet is supervisory guidance for assessing and monitoring risks associated with functionally regulated activities. The References section of this booklet provides sources of information on portfolio management, including Web-based financial glossaries. The glossaries define the investment concepts and terms used in this booklet, and the other resources provide in-depth information on the booklet s topics. This booklet applies to accounts administered by national banks acting in a fiduciary capacity and holding discretionary investment powers. It also applies to nondiscretionary accounts for which a national bank is an investment adviser if the bank receives a fee for its investment advice. Fiduciary capacity, investment discretion, and investment adviser are defined in 12 CFR 9.2 and 9.101, Fiduciary Activities of National Banks. Background Investment management is a very competitive business with many different types of service providers. Increasing numbers of financial and nonfinancial companies now declare savings and investment products and services to be their core competence. A number of factors have made investment management one of the fastest growing and competitive businesses in the financial services industry. These factors include tremendous growth in assets under management, the globalization of capital markets, the proliferation of investment alternatives, changes in client demographics and relationships, and rapid technological advancements. The attraction to this business is profitability. In some segments of the investment management business, pretax operating margins often surpass 25 Comptroller s Handbook 1 Investment Management Services4 percent. Institutional retirement and investment company accounts are typically the most profitable. The personal wealth management business generates somewhat lower, but still attractive, pretax operating margins. This line of business requires a higher level of personalized service, and the accounts are usually smaller than on the institutional side. Personal wealth management is also one of the fastest growing segments of the industry. The primary challenge for service providers has been to keep pace with changes in the industry. Investments have taken on new forms in response to changes in investor characteristics and demands, financial regulation, political environments, and technological abilities. While investors and their portfolio managers, or advisers, still concentrate on traditional investments vehicles, such as publicly traded stocks and bonds, an increasing number of investment alternatives, such as real estate, hedge funds, and other unregistered private investments, are used as a means of enhancing a portfolio s risk-return relationships. The investment management industry is in transition, and though it offers the opportunity for significant, recurring fee income, effectively managing the business s risks poses tremendous challenges. Portfolio Management and Advisory Services National banks provide investment management services to clients with differing characteristics, investment needs, and risk tolerance. A bank is usually paid a percentage of the dollar amount of assets being managed in the client s portfolio. If an account s total assets are below a minimum, it often pays a fixed fee. Other factors in the amount of fees are an account s complexity and other banking relationships. Some banks have advisory agreements that base compensation on performance. In this type of arrangement, the portfolio manager, or adviser, receives a percentage of the return achieved over a given time period. National banks manage and provide advice on all types of assets for their clients. Besides managing portfolios of publicly traded stocks and bonds, national banks also manage and provide advice for portfolios that include a broad range of investment alternatives such as financial derivatives, hedge funds, real estate, private equity and debt securities, mineral interests, and art. Refer to the Comptroller s Handbook for Fiduciary Activities for information on individual investment categories and related risk management processes. Investment Management Services 2 Comptroller s Handbook5 Investment management services are provided in two primary types of accounts: separately managed accounts and commingled or pooled investment funds. Two types of pooled investment funds are collective investment funds and mutual funds. A fiduciary portfolio manager may invest a separately managed account s assets in these types of funds to help achieve its investment goals and objectives. Separately Managed Accounts A separately managed account is created solely for the purpose of investing a client s funds on a stand-alone basis. There are two primary types of accounts for which a national bank provides investment management services: trusts and investment agency accounts. National banks may also be responsible for separately managed accounts when serving as an executor, administrator, guardian, or in any other fiduciary capacity. Trusts National banks have long served as trustees with investment authority for private trusts. Private trusts are established or created for the benefit of a designated individual or individuals, or a known person or class of persons, identified by the terms of the instrument creating the trust. Trusts are generally created through a trust instrument established during the life of the grantor, through a will at the time of a testator s death, or through a court order. The investment authority and duties of a trustee are derived from the trust instrument (to the extent the trust s terms are possible and legal) and through other applicable law. A trustee may have sole or shared investment authority or discretion. The trust instrument may restrict a trustee s investment options as well as prohibit the trustee from selling certain trust assets. Investment Agency Accounts Agency accounts are governed by the terms of the contract establishing the relationship, by state law, and by common agency and contract law principles. A bank may have investment discretion for an investment agency account, or it may provide investment advice for a fee with limited or no investment discretion. Investment agency accounts for which the bank has investment discretion or for which it provides investment advice for a fee are Comptroller s Handbook 3 Investment Management Services6 considered fiduciary accounts by the OCC and are subject to applicable sections of 12 CFR 9, Fiduciary Activities of National Banks. In a discretionary investment agency account, the bank usually has sole authority to purchase and sell assets and execute transactions for the benefit of the principal, in addition to providing investment advice. The bank s investment authority is usually subject to investment policy guidelines established in the investment agency contract. In some discretionary investment agency accounts, the bank is given limited investment authority. Major investment decisions, such as changing the account s investment strategy or asset allocation guidelines, might be subject to the principal s approval. In nondiscretionary investment agency accounts, the bank may provide investment advisory services for a fee to the principal, but must obtain the principal s consent or approval prior to buying or selling assets. The bank may also be responsible for investment services such as executing investment transactions, disbursing funds, collecting income, and performing other custodial and safekeeping duties. Mutual Fund Wrap Accounts Many national banks offer separately managed accounts that invest in a select group of mutual funds instead of individual stocks and bonds. (See the next section for more information on mutual funds.) The client pays the bank a wrap fee based on the amount of invested assets in return for asset allocation modeling, mutual fund analysis and selection, and portfolio monitoring and reporting services. Wrap accounts have become quite popular over the past decade. The type offered by most national banks is a packaged wrap program. Annual wrap fees, usually paid in arrears and billed quarterly, can range from 75 to 150 basis points. Wrap programs have minimum investment requirements starting at about $10,000. In a typical packaged wrap account, the client or investment manager selects a model portfolio from 5 to ten alternatives. Computer modeling is generally used to design a series of model portfolios that theoretically offer the highest expected return for a given level of risk. The modeling program applies historical and expected future performance, historical risk, and the correlation coefficients of available asset classes to create different asset Investment Management Services 4 Comptroller s Handbook7 allocation mixes for different levels of risk. Asset allocation mixes are achieved through investment in selected mutual funds. The client and the bank investment adviser establish the client s risk tolerance and specific investment objectives for the account. From this information, an appropriate portfolio is selected and the client s funds are invested in the mutual funds for each asset class. The bank selects the mutual funds for the wrap program and is usually responsible for re-balancing and reallocating the client s assets when warranted by changes in market conditions, return expectations, or the client s investment objectives and risk tolerance. The SEC has adopted Rule 3a-4 under the Investment Company Act of 1940 (ICA) to provide a nonexclusive safe harbor from the definition of investment company for discretionary investment advisory programs, including wrap fee programs, that involve large numbers of clients. The rule provides that programs by which a large number of clients receive the same or similar advice will not be regulated under the ICA if they meet conditions designed to ensure that participating clients receive individualized treatment. In addition, programs that comply with the rule are not required to register the accounts that participate as publicly offered securities under the Securities Act of Commingled or Pooled Investment Funds A national bank may serve as the investment manager, or adviser, for various types of pooled investment funds. The most common are collective investment funds and open-end management investment companies (mutual funds). Other types of pooled investment funds include unit investment trusts, closed-end investment companies, and unregistered investment funds, such as private equity limited partnerships and hedge funds. Collective Investment Funds (CIFs). CIFs are bank-administered trust funds designed to facilitate investment management by combining the assets of individual fiduciary accounts into a single investment fund with its own specific investment strategy. Although CIFs are similar to mutual funds, they have different tax, regulatory, and cost structures. CIFs remain a popular vehicle for investing the assets of smaller fiduciary accounts. See the Comptroller s Handbook for Fiduciary Activities for more information on CIFs. Comptroller s Handbook 5 Investment Management Services8 Mutual Funds. Mutual fund is a term generally used to describe an open-end investment company that is registered with the Securities and Exchange Commission. This type of investment company pools money from its shareholders, invests in a portfolio of securities, and continuously offers to sell or redeem its shares to the public. The company s portfolio is managed by professional investment advisers to meet specific investment objectives. Many national banks and their affiliates provide investment management services for investment companies such as mutual funds. National banks also provide investment management services for clients who wish to invest in mutual funds and other types of investment companies. The Conflicts of Interest booklet of the Comptroller s Handbook provides additional information relating to investing fiduciary portfolios in mutual funds and other types of investment companies. Other Investment Services Ancillary to its role as a fiduciary investment manager or adviser, a national bank may provide other types of fee-based investment services for its clients. For example, a bank might provide asset or business valuation, property management, and brokerage services for closely held businesses, real estate, and mineral interests. These activities are described in the Comptroller s Handbook for Fiduciary Activities. Investment Clients Personal Investors National banks provide investment management services for persons through private trusts, investment agency accounts, tax-advantaged retirement accounts, and the various types of commingled funds. The characteristics of personal investors and the circumstances and opportunities that confront them are more diverse and complex than those of any other investor class. Each person s financial profile is unique, and many investors have a combination of taxable and nontaxable portfolios. Managers must also integrate estate planning into the investment program and often must work with other professionals to accomplish a client s goals. Unlike institutional accounts, personal accounts are often managed on behalf of different generations, each with unique needs and objectives. Thus, asset Investment Management Services 6 Comptroller s Handbook9 allocation strategies may need to address multiple objectives and multiple investment time horizons. Personal accounts often have unique assets: the family farm, stock in closely held companies, family residences, or mineral interests. In most cases, these types of assets have limited marketability, and clients may never want to sell them. They create additional risks and investment complications that the fiduciary portfolio manager must appropriately control and monitor. Investment managers must understand how taxes can affect the overall asset allocation decision and portfolio construction process for personal accounts. Focusing on after-tax returns is a way to add value and gain competitive advantage. Incorporating a total portfolio approach, investment managers can use a host of strategies that are designed to enhance returns and to eliminate, reduce, or delay tax consequences. Financial derivatives are examples of investment tools that can be used to create customized tax strategies for clients. A carefully planned investment policy for a personal account should incorporate the unique factors of that investor. Investment objectives should be clearly defined in terms of return requirements, risk tolerance, and constraints such as liquidity, time horizon, taxes, legal considerations, and other special circumstances. The investment policy should be embodied in an operational statement that specifies the actions that will achieve the investor s financial objectives Institutional Investors Institutional investors include company pension plans, investment companies, banks, insurance companies, business entities, governmental bodies, and endowments. They can be nonprofit or for-profit entities. Investment policy considerations can vary widely because of differing business, regulatory, and political environments. Managing institutional portfolios is complex and challenging. Each portfolio requires a well-defined and appropriate investment policy. An investment manager s considerations are somewhat different when investing for an institution than when investing for a person. Among the factors that should be considered are the nature of the institution s fiduciary obligations to its employees and shareholders, its tax status, and other legal and regulatory requirements. The investment manager must understand these factors and incorporate them appropriately into the portfolio management process. Comptroller s Handbook 7 Investment Management Services10 Retirement Plans National banks manage investment portfolios established with tax-exempt funds contributed for retirement, savings, or welfare. A bank may serve as trustee or agent; in either role, the bank can be an investment manager or adviser. Retirement accounts include employee benefit plans and selfemployed retirement trusts. A corporate entity s defined benefit plan illustrates just how complicated managing a pension plan s portfolio can be. The objective of the pension plan combines the objectives of the plan sponsor, the pension plan itself, and plan beneficiaries. The plan s fiduciaries must develop a portfolio policy that reflects the plan s unique objectives, risk tolerance, constraints, and preferences. The most important objectives are to fund liabilities, avoid significant losses, and comply with applicable laws. Investment Companies National banks provide investment management services to public and private investment companies under a written contract. An investment company is an organization whose exclusive business is to own securities for investment purposes. It can be organized as a corporation, trust, partnership, association, joint-stock company, fund, or any other organized group of persons. An investment company raises money from investors who purchase ownership interests in the company. (These interests can be offered publicly or privately.) The company then invests the funds into a pool, or pools, of investment securities in accordance with established investment objectives. Endowments and Other Nonprofit Organizations Endowment funds are established to benefit a broad range of nonprofit institutions, including religious organizations, educational institutions, cultural entities, hospitals, private social organizations, trade associations, and corporate and private foundations. Endowment funds are long-term in nature, have a broad range of investment policy objectives, and are usually not taxable. Developing an investment policy for an endowment fund requires a compromise between the sponsoring institution s demands for current income and the probabilities of achieving required rates of return on invested capital Investment Management Services 8 Comptroller s Handbook11 over time consistent with the fund s risk tolerance. An endowment s portfolio manager must assess a variety of risks and establish an appropriate investment policy. Endowments that have adopted a total return approach to match their spending policies determine the required rate of return by summing the maximum spending rate and the expected inflation rate. This approach ensures the maintenance of the real value of the endowment if this total return objective is achieved over time. Regulation and Supervision The OCC requires national banks acting in a fiduciary capacity to invest fiduciary funds in a manner consistent with applicable law, as expressed in 12 CFR 9.11, Investment of Fiduciary Funds. Through its normal supervisory processes, the OCC assesses the risks created by fiduciary investment management services and ensures that national banks provide these services in a safe and sound manner and comply with applicable laws that fall under OCC jurisdiction. Functionally Regulated Activities The Gramm-Leach-Bliley Act of 1999 (GLBA) codified the concept of functional regulation, recognizing the role of the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission, and state insurance commissioners as the primary regulators of securities, commodities, and insurance activities, respectively. As the primary regulator of national banks, the OCC has the responsibility for evaluating the consolidated risk profile of a bank. This responsibility includes assessing the potential material risks posed by functionally regulated activities conducted by the bank or a functionally regulated entity (FRE), such as a subsidiary or affiliated SEC registered investment adviser (RIA). A key component of this assessment is evaluating a national bank s systems for monitoring and controlling risks posed by functionally regulated activities conducted in the bank or an FRE. GLBA also modified the definition of investment adviser in the Investment Advisers Act of 1940 by narrowing the exemption from registration for national banks. Effective May 11, 2001, a national bank providing investment Comptroller s Handbook 9 Investment Management Services12 advice to a registered investment company must register with the SEC. The SEC is the functional regulator of an RIA. A national bank can provide investment advisory services to registered investment companies through internal departments or divisions, a registered bank subsidiary, or a registered affiliated entity. If provided through an internal bank department or division, the bank may register itself or it may register the separately identifiable department or division (SIDD) responsible for providing investment advice to registered investment companies. If the activities are conducted in a SIDD, then the SEC regulates the activities subject to federal securities laws, and the OCC regulates the entity in relation to applicable banking law. There are other ways that a national bank can provide investment management services that are functionally regulated by the SEC. For example, a national bank may employ an affiliated or unaffiliated RIA to provide investment management services for the bank s fiduciary accounts. If the RIA is a bank subsidiary, the subsidiary s activities can pose direct risks to the bank s earnings, capital, and reputation if not properly managed. The OCC s primary supervisory focus with respect to a bank subsidiary or affiliated RIA is assessing the potential material risks that the adviser poses to the national bank and the effectiveness of the bank s oversight systems for monitoring and controlling those risks. The risk assessment will generally include a review of the following: The adviser s strategic plan and its impact on the bank; The significance of current and planned revenue from the adviser in relation to bank revenue; The amount of capital provided to and consumed by the adviser; The impact on the bank s liquidity from providing resources to the adviser either through direct funding or from reputation risk; and Systems for monitoring revenue sensitivity to changing market conditions at the adviser and bank levels. Investment Management Services 10 Comptroller s Handbook13 The General Procedures section of this booklet beginning on page 77 contains supervisory guidance for assessing risk posed to a bank by a RIA. Additional guidance on functionally regulated activities can be found in the Asset Management booklet of the Comptroller s Handbook. The OCC is the primary supervisor of a national bank s investment adviser activities that are not conducted by an RIA. National banks that manage or advise private trust accounts, collective investment funds, institutional accounts, personal investment portfolios, and other unregistered investment funds are not required to register as an investment adviser with the SEC. OCC examiners will assess the risks, risk management systems, and compliance with applicable law in national banks providing investment management services for these types of accounts. Private Trusts The investment authority, duties, and responsibilities of a national bank serving as a discretionary trustee for a private trust are derived from the governing trust document, applicable state trust statutes, federal law, trust common law, and judicial interpretations and decisions. A majority of states has adopted the prudent investor rule from the American Law Institute s 1992 Restatement of the Law Third, Trusts. This rule embraces the concepts of modern portfolio theory and risk management and applies them to trustees. An overview of trust investment law and the prudent investor rule is provided in appendix B of this booklet. The OCC supervises a national bank s private trust investment activities through enforcement of 12 CFR 9, Fiduciary Activities of National Banks and safe and sound banking practices. Litigation involving trustees and beneficiaries of private trusts is administered through the appropriate state judicial system. Employee Benefit Plans Retirement accounts subject to the Employee Retirement Income and Security Act of 1974 (ERISA) must be managed to comply with the fiduciary investment standards established in the act, as well as the terms of the governing document. An overview of ERISA s fiduciary investment standards is provided in appendix C of this booklet. The OCC has an agreement with the U.S. Labor Department, the government agency responsible for administration and enforcement of ERISA, that establishes communication Comptroller s Handbook 11 Investment Management Services14 Risks processes for referrals of potential violations of ERISA that are identified during OCC examinations. Investment risk is commonly described by relating it to the uncertainty or the volatility of potential returns from a portfolio or investment over time. The source, probability, and impact of this uncertainty depend on the particular portfolio or investment. Sources of investment risk include financial exposure to changes in interest rates, equity and debt markets, inflation, foreign exchange rates, commodity prices, and other global economic and political conditions. Investment risk is inherent in the individual portfolios and assets that a national bank fiduciary manages, or advises, for account principals and beneficiaries. These parties are the actual owners of the portfolios and the associated investment risk. A national bank s failure to manage its clients investment risk in a prudent and loyal manner can increase a bank s level of transaction, compliance, reputation, and strategic risk and adversely impact earnings and capital. Transaction Risk Transaction risk is the current and prospective risk to earnings and capital arising from fraud, error, and the inability to deliver products or services, maintain a competitive position, and manage information. Transaction risk encompasses product development and delivery, transaction processing, systems development, computing systems, complexity of products and services, and the internal control environment. Transaction risk is also referred to as operating or operational risk. This risk arises every day as transactions are processed. It is a risk that transcends all divisions and products in a bank. In managing investment portfolios, a bank must process a significant volume of transactions and must produce a great many reports. Both the transactions and reports are of many different types. For example, a bank may be required to: Investment Management Services 12 Comptroller s Handbook15 Execute and account for the purchase and sale of portfolio investments, Account for the receipt and distribution of investment income (dividends, interest, and capital gains distributions), Prepare investment valuations and performance measurement data, Pay expenses relating to investment property management, Execute contracts for clients and with third-party service providers, Prepare and distribute client portfolio reports, and Prepare and distribute management information reports. Investment-related transactions are processed and reports are prepared for a wide range of investment products and services, as well as for clients with different characteristics, needs, and expectations. Portfolio investments may include all investable asset classes from domestic and foreign markets. Because of such investment variety and complexity, sophisticated and expensive information systems and product delivery channels are required, as well as strong internal controls that include contingency and disaster recovery plans. Compliance Risk Compliance risk is the current and prospective risk to earnings or capital arising from violations of or noncompliance with laws, rules, regulations, internal policies and procedures, or ethical standards. This risk exposes the institution to fines, civil money penalties, payment of damages or restitution, and the voiding of contracts. Compliance risk can lead to diminished reputation, reduced franchise value, limited business opportunities, reduced expansion potential, and an inability to enforce contracts. A fiduciary portfolio manager must comply with the terms of the governing document (assuming such terms are legal) that establishes the fiduciary relationship, typically a trust or agency contract. A fiduciary portfolio manager must also comply with a multitude of federal, state, and local laws and regulations to which the bank and each individual client are subject. These include, but are not limited to, trust investment law, securities law, banking law, tax law, contract law, environmental law, consumer protection law, and criminal law. In addition, fiduciary portfolio managers must comply with applicable bank policies, procedures, and ethical guidelines. The investment management compliance framework is complex and requires sound legal expertise, an ethical and highly trained staff, and an effective compliance program. The investment management business is exposed to the Comptroller s Handbook 13 Investment Management Services16 possibility of unauthorized conflicts of interest and self-dealing. A bank that does not comply with applicable law can suffer lawsuits, regulatory supervisory action, and severe damage to its reputation. The financial impact of litigation, regulatory action, and criminal activity is difficult to estimate, but it can be significant in relation to earnings and capital. In addition, such adverse situations may be highly publicized in the bank s market and damage a bank s reputation. Strategic Risk Strategic risk is the current and prospective impact on earnings or capital arising from adverse business decisions, improper implementation of decisions, or lack of responsiveness to industry changes. This risk is a function of the compatibility of an organization s strategic goals, the business strategies developed to achieve those goals, the resources deployed in support of these goals, and the quality of implementation. The organization s internal characteristics must be evaluated against the impact of economic, technological, competitive, regulatory, and other environmental changes. The investment management business has become a primary source of profitability and shareholder value in many banks. The implementation of a successful investment management business requires a sound strategic planning process embraced by the board and senior management. It requires substantial provision of financial, human, and technological resources. Information systems, product development and distribution, and personnel expenditures must be appropriate for the diversity and complexity of an organization s operations. If they are not, the result may be poor earnings performance, wasted capital, and diminished shareholder value. Reputation Risk Reputation risk is the current and prospective impact on earnings and capital arising from negative public opinion. This affects the institution s ability to establish new relationships or services or to continue servicing existing relationships. This risk may expose the institution to litigation, financial loss, or a decline in its customer base. The assessment of reputation risk recognizes the potential impact of the public s opinion on a bank s franchise value. As the public s opinion of a bank deteriorates, the bank s ability to offer competitive products and services may be affected. Investment Management Services 14 Comptroller s Handbook17 Success in providing investment management services depends on the quality of the bank s reputation with its current and prospective clients and the general marketplace. Investors are more demanding in terms of expected investment performance, product selection, information reporting, service, and the use of advanced technology. Clients are also concerned with their own reputation and expect bank fiduciary investment mangers to act loyally and prudently in protecting it through proper management of their assets. A bank s reputation in the marketplace depends on its ability to effectively manage transaction, compliance, and strategic risks, as well as the financial risks within each individual portfolio. Litigation, regulatory action, criminal activity, inadequate products and services, below average investment performance, poor service quality, and weak strategic initiatives and planning can lead to a diminished reputation and, consequently, to an inability to compete and be successful. Risk Management Processes Effective risk management requires an understanding of the specific needs and risk tolerance of clients and the bank, as well as the types and characteristics of portfolios and assets managed or advised by the bank. Risk management processes must be developed and implemented that effectively assess, control, and monitor the risks affecting each of these entities. The client s needs, objectives, and risk tolerance can differ from those of the bank, and the bank s processes should recognize and appropriately address these differences. Risk managers must be cognizant of and sensitive to these potential conflicts when implementing risk strategies and internal controls. This section describes how national banks should manage the risks associated with providing investment management services. Specific processes for managing investment risk of individual portfolios are addressed in appendix A, Portfolio Management Processes. Additionally, the Comptroller s Handbook for Fiduciary Activities provides risk management processes applicable to individual investments held in fiduciary portfolios. An effective risk management system is characterized by active board and senior management risk supervision and sound processes for risk assessment, control and monitoring. Comptroller s Handbook 15 Investment Management Services18 Risk Supervision A bank s board of directors and senior management must fully support and oversee the risk management process for investment management services, including risk management processes related to functionally regulated activities. The following are the key responsibilities of a board and senior management relating to investment management services: Establish strategic direction, risk tolerance standards, and an ethical culture consistent with the bank s strategic goals and objectives. The board of directors and senior management should establish a supervisory environment that communicates their commitment to risk management and a sound internal control system. They must give investment management strategic direction by approving strategic and financial operating plans. Senior business line managers use the strategic plan as guidance for developing long-term and short-term financial plans, policies, internal controls, staffing levels, and information systems. Management s philosophy and operating style should be effectively communicated and understood by all employees. The board of directors, senior management, and business line managers should establish a risk management culture that is consistent with the company s risk tolerance and promotes an ethical environment. The goal is to create a cultural environment dedicated to effective risk management and fulfilling fiduciary responsibilities to clients. The investment management organization should have a code of ethics and established standards of conduct for its employees internal and external activities, including personal trading rules. The standards should be clearly communicated to all employees. Compliance with the standards should be monitored and enforced. Establish an appropriate organizational structure with clear delineation of authority, responsibility, and accountability through all levels of the organization. An investment management group under the direction of a chief investment officer (CIO) typically supervises fiduciary investment organizations in larger national banks. In some banks, the responsibility may lie with a formalized Investment Management Services 16 Comptroller s Handbook19 committee, such as an investment policy committee of which the CIO is a member. The investment management group may consist of representatives from the bank s various fiduciary divisions, elements of senior management, and representatives from the bank s risk management group (if the group exists). Portfolio managers, research analysts, traders, operational units, and information technology units generally report to the CIO. Each of these bodies may have its own internal operating structures and processes. The investment management group may supervise all fiduciary investment activities. The group may be required to approve policies, procedures, and investment strategies that will be implemented by line managers and other personnel. It may establish subgroups, or committees, charged with specific areas of responsibility. For example, there may be committees that establish equity and fixed income strategies, manage trading activities, or manage asset allocation modeling programs. Develop and implement a comprehensive and effective risk management system. There is no standard way to organize a risk management system. The formality and structure of a risk management system should be consistent with a bank s structure and diversity of operations. Each institution should tailor its risk management program to its own needs and circumstances. In large banks, the investment management operation may have a separate risk management function as part of the bank s corporate-wide risk management organization. The corporate risk management organization may be structured to include senior managers, line managers, and personnel from compliance, audit, legal, operations, human resources, information systems, and product development divisions. To enhance risk management capabilities, the process should have common processes and risk-related terminology. Using the same terminology facilitates communication across functions, divisions, departments, and business units, as well as up or down the management hierarchy. Monitor the implementation of investment management risk strategies and the adequacy and effectiveness of risk management processes. The board of directors, its designated committees, and senior management must effectively oversee and monitor the financial performance of the Comptroller s Handbook 17 Investment Management Services20 investment management organization and the effectiveness of risk management processes. Well-designed monitoring processes will enable the board and senior management to effectively evaluate the investment management organization s performance in achieving its strategic objectives and financial operating goals. Although risk management, audit, and compliance groups may provide testing and monitoring support, the responsibility and liability for deficient risk monitoring rests with the board and senior management. Risk Assessment As previously discussed in the Risks section, investment risk comes from many sources. Effective risk management requires that investment risk specific to a particular portfolio and the risks a bank assumes when managing investment portfolios be identified and understood. Risk assessment processes help determine what the risks are, how they should be measured, and what controls and monitoring systems are needed. Persons assigned the responsibility of managing risk must identify the types of risk and estimate the levels of risk created by investment management services. Business line, portfolio, and other risk managers must understand the characteristics and expectations of the bank s different types of clients and portfolios and identify the applicable risks. Managers can then estimate the level of risk to the client and the bank. Internal and external risk assessment should be comprehensive and continual. In order to facilitate the identification and understanding of relevant risks, the bank should clarify what type of risk measurement and reporting processes it expects from portfolio managers, third-party service providers, and investment counter parties. Risks vary over time because of changes in clients characteristics and needs, portfolio composition, capital markets and economies, political environments, and bank strategies. Therefore, some risk assessments should be ongoing or open-ended, others should take place regularly, and some should take place when significant changes occur. Investment Management Services 18 Comptroller s Handbook View more
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