Newly developed universal reporting standards are promising to take private capital’s most urgent challenge—the lack of transparency—and solve it once and for all.
For investment firms whose accounting systems aren’t configured to support the new performance reporting standards, and for those who rely on spreadsheets as their system of record, complying with the new transparency standards required by 2020 GIPS® and ILPA can be costly and challenging.
Spreadsheet-based processes are manual and time consuming, and they are difficult to scale in order to achieve the depth of reporting required.
For many firms, the solution is to invest in technology that supports greater detail and transparency, whether that technology is maintained on-site or provided as part of an outsourced fund administration solution.
Transitioning from spreadsheet-based systems and investing in a structured, centralized platform that supports and automates the collection and distribution of data required by ILPA and GIPS standards is a common first step for a firm.
Whether you plan to keep the process in house or outsource it, look for technology platforms that support the collection and calculation of these 8 performance reporting foundations to position your investment firm advantageously during this pivotal moment in the industry’s development.
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