Audit and Risk Committee
Audit and Risk Committee CharterView charter (PDF)
The purpose of the Audit and Risk Committee (the “Committee”) is to assist the Board of Governors (the “Board”) in the fulfillment of its functions with respect to CFA Institute’s financial statements, financial condition and risk management by:
- overseeing the CFA Institute financial and audit systems for financial integrity,
- overseeing the CFA Institute process for monitoring compliance as it relates to financial integrity,
- evaluating and providing oversight of the monitoring of CFA Institute risks, and
- evaluating the independence and qualifications of the independent auditor.
Governance standards are ultimately determined by US Virginia State law and corporate codes, but recognizing the prominence of the organization as a professional body, and the expectations of members and other stakeholders, other best practice enhancements to governance and disclosure are followed where practicable.
The Committee’s role is one of oversight. Management is responsible for preparing the financial statements, risk assessment and risk management. The independent auditor is responsible for auditing the annual financial statements. The Board and Committee recognize that management, including the independent auditor, have more time, knowledge and detailed information about the organization than do Committee members. The Committee therefore relies on the reviews and reports provided by management, and does not provide any expert assurance as to the financial statements or any certification as to the work of any auditor. As appropriate, the Committee may challenge the reviews and reports to enhance the organization’s overall risk management.Contact the Audit and Risk Committee
Managing Director and Global Head of Active Equity Product Strategy, BlackRock, Inc.
Member of CFA Society New York
Daniel Gamba, CFA, is a managing director, the global head of active equity product strategy and a member of the Global Operating Committee and Human Capital Committee at BlackRock. Gamba is responsible for platform strategy, product development, and business activities to drive growth across active equities in the Americas, EMEA and Asia Pacific. Prior to this role, Gamba was head of iShares Americas Institutional Business where he led business strategy, client service, and business development for iShares ETFs in the Americas. Gamba joined Barclays Global Investors (BGI) in 2000, before its merger with BlackRock in 2009. At BGI, he was the chief executive officer of the Latin America and Caribbean business. In this role, he grew business from Latin American clients from nil to over $40 billion and expanded BGI’s footprint into Mexico City; Sao Paulo; Santiago, Chile; and Bogota, Colombia, including local asset management operations. Gamba began his career with BGI as a director of global strategy. Previously, he was a senior consultant for financial institutions at A.T. Kearney. From 1990 to 1995, Gamba worked in marketing and product management in Latin America. Gamba is a member of the CFA Institute Board of Governors and currently sits as the co-chair of the Society Partnership Advisory Council. Previously he was a member of the Executive Advisory Board of the Education Advisory Committee and of the Claritas Advisory Committee. Gamba is also a board member of the Council of Urban Professionals, supporting the career progression of professional people of color, and board member of Northwestern University’s Alumni Association. Gamba earned a BS degree in industrial engineering from Pontificia Universidad Católica del Perú in 1989 and an MBA in finance and economics from the Kellogg School of Management at Northwestern University in 1997.
Distinguished Professor of Business Administration and Dean Emeritus, UVA Darden School of Business
Robert Bruner is a university professor at the University of Virginia and Distinguished Professor of Business Administration and Dean Emeritus of the Darden School of Business. He has also held visiting appointments at Harvard University and Columbia University in the United States, INSEAD in France, and IESE in Spain. He is the author, co-author, or editor of more than 20 books on finance, management, and teaching. A faculty member since 1982 and winner of leading teaching awards at the University of Virginia and within the Commonwealth of Virginia, he teaches and conducts research in finance and management. As a financial economist, he is best known for his research on mergers and acquisitions, corporate finance, and financial panics. He is the author and co-author of over 300 teaching case studies and of Case Studies in Finance, now in its eighth edition. His book The Panic of 1907 (co-authored with Sean Carr) commenced his current area of research, the causes and consequences of financial crises. As dean of the Darden School from 2005 to 2015, he chartered or led a series of initiatives that revised Darden’s curriculum and program offerings, raised the profile of admitted students, hired a new generation of faculty and staff, improved the diversity of the Darden community, raised over $165 million in new funds, and saw Darden’s rankings rise to the Top 10 of U.S. schools. From 2007 to 2009, he served as a member of the board of directors of the Graduate Management Admission Council, which administers the GMAT entrance exam for business schools. And, from 2009 to 2011, he chaired the board of the Consortium for Graduate Study in Management, an alliance of leading American business schools and top corporations in the U.S. that aims to enhance diversity in business education and leadership. He has served on the boards of various nonprofit organizations, including the Darden School Foundation and two for-profit corporations. In 2012, Poets & Quants and CNNMoney/Fortune named him “Dean of the Year.”
Director, Fortress Capital Asset Management
Member of CFA Society Malaysia
Geoffrey Ng is a director with Fortress Capital Asset Management, a pan-Asian fund management company. With over two decades of multi-asset class and strategic investments proficiency, Geoffrey was previously CEO/ED with Hong Leong Asset Management and senior VP, global emerging markets at Dubai Investment Group. He has also held the position of CIO at Pacific Mutual Fund.
Geoffrey is an in-coming governor to the CFA Institute’s Board of Governors. He has served on the Education Advisory Committee (vice chair and chair of the Practice Analysis subcommittee) and Council of Examiners, as well as vice president and treasurer for CFA Society Malaysia. Geoffrey has a B.Commerce (High Honours) in Accounting and Finance from Carleton University, Canada. He is a CFA charterholder, holds a CFP certification, and has completed the MIT Fintech: Future Commerce program by the Massachusetts Institute of Technology.
Chief Product Officer and Co-Head of Global Markets, Morningstar
Member of CFA Society Chicago
Tricia Rothschild, CFA, is chief product officer and co-head of global markets for Morningstar. She is responsible for product strategy, innovation, development, and business success of the firm’s global research, software, data, and index solutions for use by asset managers, advisors and wealth managers, and individual investors.
Rothschild previously served as head of global advisor solutions, where she set the strategic direction for the company’s offerings to wealth management and online brokerage clients.
In her 26 years at Morningstar, she has led aspects of the firm’s business, serving each of its three core audiences: individuals, advisors, and institutions. Rothschild began her career at Morningstar as a closed-end fund analyst and later became the international editor of Morningstar Mutual Funds. She served as the ecommerce manager of Morningstar.com and led the content management for that site for several years. Rothschild developed Morningstar’s retirement plan portfolio analytics and reporting services to help plan sponsors and consultants evaluate plan lineups. From 2003 through 2012, she led the development and growth of the firm’s institutional and retail equity research business.
Rothschild holds a bachelor’s degree from Northwestern University; a master’s degree in Russian and Central European economics from Indiana University; and the Chartered Financial Analyst® (CFA) designation. Currently, Rothschild serves on the board of directors of Y-Charts, a financial terminal provider based in Chicago, and is an incoming governor for the CFA Institute. She founded and leads a reverse-mentorship program at Morningstar, and is active in the local chapter of National Charity League, a mother-daughter philanthropy and leadership organization.
Senior Advisor, Morgan Stanley Huaxin Fund Management Co., Ltd.
Member of CFA Society Beijing, CFA Society Shenzhen
Hua Yu, CFA, recently retired from his full-time position of chairman of the board and continuously remains as senior advisor at Morgan Stanley Huaxin Fund Management Co., a Morgan Stanley controlled joint venture asset manager in China. Before his transfer to the joint venture in 2008, Hua served as managing director and head of China business for the investment management division of Morgan Stanley Asia Co. Prior to 2008, He held different positions as board director and CEO of Dacheng Fund Management Company, chief representative of London Life Insurance Co. in China, vice president of financial service business at Power Corporation of Canada, and head of research at Shenzhen Stock Exchange. Hua received a BA in economics from Peking University, an MBA and a PhD in finance from Catholic University of Leuven, Belgium. After his graduation in Europe, he was faculty member of finance at several universities in the United Kingdom and Canada before commencing his career in business finance. Hua Yu served as board member (2013-2019) and deputy chairman (2012-2016) of the Asset Management Association of China. He was board member of International Investment Funds Association (IIFA) from 2008 to 2010.