Services for Institutional Investors

As a result of inadequate risk management, many institutional investors experienced significant losses during and after the 2008 financial crisis and continue to struggle with their portfolios. Boards and Investment Committees have come to realize that they have significant fiduciary risks and are moving toward implementing more formal and rigorous risk management. The precedent for implementing enhanced and more formal risk management has been established by some of the leading institutions, and many others are looking to “follow the leaders” in their categories of institutional investor.


GRMA assists endowments, foundations, pension funds, family offices and other institutional investors to develop and implement robust risk management programs that enable them to limit fiduciary risk and to meet best practice standards for risk management for institutional investors.


We offer services to institutional investors in four key areas:

University 2

GRMA provides CIOs, Investment Committees and Boards with a sound and robust framework for actionable risk management that minimizes fiduciary risks and produces sustainable, repeatable and enhanced risk-adjusted returns.


    • Investment Policy Statement – enhance the existing investment policy statement to delineate the approach and roles and responsibilities of the CIO and the Board for investment risk management.


    • Risk Policy Guidelines – develop risk management guidelines/parameter for the
      investment portfolio (e.g. concentration risk limits, drawdown limits, VaR, liquidity limits, etc.)


  • Risk Management Processes, Controls and Governance – make risk management integrated and actionable in key areas such as risk-based asset allocation, rebalancing and redemption process, including for ESG investments and Direct and Co-investments.


Examples include:

         •  Enhance the due diligence process for new and existing investments

         •  Develop a risk-based approach for asset allocation and re-balancings

         •  Develop risk-based processes for monitoring investments and redemptions

Institutional investors rarely have a clear and comprehensive view of the investment risks in their entire portfolio. GRMA’s risk reporting managed services provide risk transparency at both the investment and portfolio levels for all asset classes — liquid and illiquid. This risk reporting is customized to each institution’s needs and encompasses all major risk dimensions that institutional investors require today, including concentration risk, liquidity risk, market risk, credit risk and leverage.
RiskTech  through this part of our firm, we provide institutional investors with complete risk measurement, risk reporting and independent risk monitoring services as a complete and cost effective managed service. Our risk measurement and reporting services include:

  • Risk Analytics & Infrastructure – assist institutional investors to either select, implement and maintain risk analytics software/systems or utilize GRMA’s cost effective B2B solution—eliminating the need for an institution to pay an expensive annual license for a risk system, acquire market data and hire internal risk management staff to maintain a complex risk system.


  • Risk Measurement, Risk Aggregation/Reporting – develop/provide customized risk reports and ad-hoc risk and performance attribution analysis for the CIO, investment staff, the Board and the Investment Committee across all investments—liquid and illiquid.


  • Independent Risk Monitoring and Interpretation – provide institutions with risk interpretation and independent risk monitoring essential for sound risk management.


  • Annual Review of Risk Management Processes, Controls and Governance – review and test an institution’s investment risk management processes, controls and governance to ensure they are appropriate and effective.


  • Risk Management Validation – evaluate and validate whether an institution’s investment risk management program is fully in line with best practice standards and leading peers.


  • Update Risk Management Policy Guidelines and IPS – work with an institution to periodically update, as necessary, the risk management sections of an institution’s Investment Policy Statement and Risk Policy Guidelines.

As a thought leader in risk management, GRMA provides education, training and additional risk management services for institutional investors.

  • Sounding Board – serve as a sounding board on risk management issues for Investment Committees and Boards.


  • Education and Training – provide education and training for institution’s staff, Investment Committees and Boards on all investment risk management matters.


  • Additional Services – provide additional risk management services, including advising on and developing risk-based asset allocation, tail-risk hedging and risk overlay strategies.

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