Responsibility for contract compliance programs or compliance-related tasks varies based on a firm’s size, strategy, and products. Some firms have a chief compliance officer or outsourced chief compliance officer to oversee the business’s broader regulatory and contractual compliance efforts. Other firms rely heavily on their general counsels.
Smaller fund managers are less likely to devote someone to obligation management or contract compliance. Instead, they typically assign their in-house lawyers and business professionals to handle obligation-related tasks.