GIPS compliance is not a one-time exercise. Once compliance has been achieved, it must be maintained on an ongoing basis. Because of this, it is vital for GIPS compliant firms to establish ongoing processes to ensure all requirements continue to be met. Additionally, firms that claim compliance with the GIPS standards must stay informed of any amendments to the GIPS standards or new guidance issued and update their GIPS compliance program accordingly.
Guardian’s GIPS Compliance Maintenance services cover the ongoing maintenance of a firm’s GIPS compliance program, including:
- Proactively helping the firm to maintain compliance by establishing a schedule of necessary process checks and controls to be conducted throughout the year in order to test the effectiveness of the firm’s GIPS compliance program.
- Maintaining and amending the firm’s GIPS policies and procedures.
- Updating the firm’s list of composite descriptions, list of broad distribution pooled funds, and list of pooled fund descriptions for limited distribution pooled funds.
- Reviewing and/or updating the firm’s GIPS Reports.
- Validating composite construction and ensuring consistency with the firm’s documented policies.
- Overseeing the verification process if the firm chooses to be verified. Guardian will liaison with your verifier in order to make the verification process as smooth and efficient as possible.
- Providing consultation, recommendations, and training related to all aspects of GIPS compliance, including addressing any recent changes and how they apply to your firm.