Family Office Risk Management Best Practices

Author: Sam Won, Managing Director GRMA

Edited by Timothy S. Wilson, Managing Director & Head of Risk Services, GRMA. Contributions by Mingyang Liu, Senior Analyst, GRMA

In this white paper, expert Sam Won, Managing Director, GRMA will provide family offices with a better understanding of the key elements that constitute sound and institutional quality risk management.

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Today, family offices are invested in a wide range of increasingly more complex and diversified assets. As a result, there is a growing trend among family offices that are now adopting a model that is similar to what institutional investors such as pensions, endowments and foundations do for risk management. These family offices have chosen to take a more formal and institutional-quality approach to risk management. By doing so, a family office is not only better fulfilling its fiduciary responsibilities and obligations to family stakeholders but also creating the basis for more superior, repeatable and sustainable investment management results through economic and market cycles both good and bad.

Typically, an “institutional-quality” approach for risk management is characterized by having a risk management framework that includes four core elements, namely:

1. Risk Management Strategy and Governance
2. Risk Management Infrastructure
3. Risk Management Processes and Control
4. Risk Measurement, Risk Monitoring, and Risk Reporting

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