Kroll's Third Annual New England Investment Management Summit brought together compliance, legal, valuation, audit, regulatory and investment management professionals to discuss the trends, challenges and opportunities shaping the industry.
Through panel discussions and a fireside chat with Kevin Kelcourse, SEC Associate Director of Examinations, the summit explored regulatory priorities, AI governance and emerging technologies, valuation challenges and evolving risk management expectations.
Across every session, a common theme emerged: as the operating environment grows more complex, strong governance, documentation and oversight remain critical to effective risk management and regulatory compliance.
The following highlights summarize the key themes and insights discussed during the summit.
SEC Fireside Chat: Annual Reviews Remain a Regulatory Priority
During the fireside chat, Kevin Kelcourse emphasized the continued importance of annual compliance reviews as a core component of an effective compliance program. The discussion reinforced that annual reviews should be more than a regulatory requirement and should instead serve as a meaningful risk management exercise. Reviews should be tailored to a firm's business, informed by testing and updated to reflect changes in operations, products and emerging risks. A key message was that "annual means annual," with firms expected to complete reviews within a true 12-month cycle. The SEC continues to expect firms to demonstrate that annual reviews identify risks, drive enhancements and strengthen the overall effectiveness of compliance programs.
Valuations Amid Market Uncertainty
Panelists discussed the challenges firms face in valuing assets amid continued market uncertainty, higher interest rates, emerging daily-NAV products and reduced transaction activity. The discussion emphasized the need for robust valuation procedures, strong senior management engagement and support, thoughtful application of valuation methodologies and prudent use of emerging AI tools. With fewer observable market inputs available, valuation judgments have become increasingly important, across the private asset class, further underscoring the need to engage a broader audience including investors and third-party service providers in the process. As regulators and investors continue to scrutinize valuation practices, strong documentation, governance and oversight remain essential to supporting defensible fair value determinations.
Hot Topics: Prediction Markets, Emerging Technology, and Financial Reporting and Audit Innovation
The discussion explored the growing impact of emerging technologies and evolving market developments on investment managers and their control environments. Panelists examined regulatory considerations surrounding prediction markets and how artificial intelligence and advanced analytics are reshaping risk management, auditing and financial reporting.
As AI adoption accelerates, a key takeaway is that governance has become a business imperative rather than a future consideration. Firms should establish clear accountability, oversight and control frameworks to support the responsible use of AI, while ensuring that technology enhances rather than replaces professional judgment.
If you would like to explore these topics further or discuss your organization's specific needs, please reach out to our experts below.
Thank you for your interest in the New England Investment Management Summit 2026. We look forward to seeing you next year.
