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How family office internal controls safeguard assets and mitigate risks

May 24, 2022 White Paper 3 min read
Jack Kristan Caroline Smythe
Internal controls enable a well-run, transparent family office. A practical, tailored control environment helps manage risk and protect the family’s assets so it can continue to carry out its mission and achieve its goals. Focus on four key areas.
Two business professionals discussing with one another.Families hire family office staff with the expectation that the office keeps their information, assets, and reputation protected. But how can the family ensure its interests are being appropriately safeguarded?

The short answer is to fashion a practical, tailored approach for family office internal controls and risk management — not to add red tape — but to create repeatable, transparent, and fundamentally transferable procedures that help manage risk and protect the family’s assets.

In this whitepaper, we outline four key areas to help family offices take a pragmatic approach to internal controls and risk management:

  • Segregation of duties
  • Transaction volume
  • Managing complexity
  • Succession planning

While internal controls, policies, and business processes may not seem like the most exciting topic, they help manage risk and protect the family’s assets so it can focus on what’s most important: carrying out its mission and achieving its goals.

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