As adoption of the GIPS standards has grown over the years, ACA has seen compliance personnel take a much deeper interest in ensuring their firms meet every requirement. Compliant firms have a larger need for a dedicated, knowledgeable staff that stays up to date on the GIPS standards. This knowledge is especially important with regard to disseminating performance results. Compliance staff must ensure that marketing materials, pitch books, request for proposal (RFP) responses, consultant databases, and any other information made available to prospects or the public meet the GIPS-compliant presentation and reporting requirements.
The CCO's Guide to the GIPS Standards: Essentials for Understanding and Mitigating Risk highlights the concerns that compliance officers should monitor closely. A regular program review will help ensure a firm’s claim of compliance is reasonable and sound, ultimately mitigating the regulatory risks of claiming compliance with the GIPS standards.
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- The 2020 GIPS Standards: Explanation of the Provisions for Firms – Sections 1 and 3
- The 2020 GIPS Standards: Explanation of the Provisions for Firms – Section 2
- The 2020 GIPS Standards: The Top Changes You Need to Know