Overview
There are a myriad of issues facing families and family offices in today’s complex and competitive private wealth environment. While some of the challenges aren’t avoidable…sometimes families unintentionally put themselves at risk because the complexity of family office activities and the potential impact of external factors aren’t proactively identified and addressed. One solution is to conduct a full diagnostic risk assessment and review of your internal controls to ensure that potential problems have been identified and proper mitigation strategies have been implemented.
Stacey Reeves, Partner, Plante Moran and Jack Kristan, Associate, Plante Moran provided information on how to assess, evaluate and mitigate some of the risks commonly found in the family office environment, key considerations that you should keep in mind when evaluating risks and solutions and what best practices you should be incorporating into your internal controls processes.
The following topics were addressed:
- How has the family office’s control environment changed to incorporate fraud risk, cyber security and other continually evolving elements of exposure?
- What is the family doing to retain institutional knowledge within the family office team…and…does the family have a “family office” succession plan?
- How is the family office serving all of its clients and preparing for wealth and leadership transition through family governance?
- What is the family office doing to ensure the ongoing confidence and satisfaction of their clients…of all generations?
- What is the family office’s formal plan for identifying best practices and incorporating them into its structure?
Date Published: Wednesday, June 29, 2016