Defined benefit plans, defined contribution plans, endowments and foundations are delegating more of their asset management responsibilities than ever. Tasks that were once the purview of an investment committee (e.g., manager selection and rebalancing) are increasingly delegated to investment staff or transferred to an outsourced chief investment officer (OCIO) partner. While much has been written about the specific functions being delegated, little has been written about changes to the governance process that should follow.

This paper provides checklists for internal investment staff and an OCIO partner with different conditions, but within the same five broad categories:

  1. Investment policy
  2. Investment thesis
  3. Risk
  4. Trust
  5. Process

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