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This paper is a technical summary of some of the challenges facing the U.S. nonprofit museum community in regard to risk management of art ownership. It includes a summary of key events that has shaped the art market over the last 50 years as well as consideration of the effects of Sarbanes-Oxley and issues surrounding D&O insurance, where muse...

Part of the Grow Your Business (GYB) series from PriceWaterhouseCoopers, this edition covers what private companies are doing to rethink their approach to risk against a backdrop of globalization, economic realignment, and rapid technological change.

This article addresses some of the most important legal and tax issues the real property professional needs to know when representing foreign investors in the United States, as every aspect of involvement is different from those of a domestic purchaser.

The current interest rate environment has created an unusual opportunity to maximize life insurance cash values. Determining the value of this option requires evaluating two current life insurance illustrations of the same policy. The ability to access cash surrender value through a non-taxable policy loan is a valuable feature of li...

The framework uses multiple dimensions of risk and return trade-offs to consider when building portfolios and evaluates the consequences of risk allocation decisions during normal and stressed markets. The authors explain this process goes further than traditional role-in-portfolio exposure techniques by considering not on...

In his seminal guide to combat strategy, “The Art of War,” Chinese military general Sun Tzu wrote, “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” Great advice, except many companies tend to confuse tactics with strategy. They know strategy is important, but th...

With great wealth, comes great responsibility, and given the complexity of risks faced by the high net worth individual, even greater due diligence is required to protect against financial loss and emotional distress.While many high net worth individuals assess and protect physical assets, often they overlook protecting against loss from liability ...

The Internet has brought incomprehensible changes to our world over the last 20 years. Technology is so prevalent in our society that whether or not you personally shop online, use apps, or conduct web-based banking, you could find yourself a victim of a cyberattack. This issue of Abbot Downing Perspectives “Cyber (In)Security” addresse...

Perhaps related to unsettled politics and radical groups in various countries, Kidnappings of foreign nationals worldwide have increased by more than 60% in the past five years.The risk of a kidnap and ransom (K&R) situation is a very real risk for some families, particularly those with high public visibility, who hold a position of power, or w...

Some data security disasters make news because they involve household names -- Target Stores, Sony Online Entertainment and Home Depot, among others. While other data breaches make headlines because they reveal embarrassing information -- e.g., Ashley Madison. But that does not mean that family run offices, which may be less well-k...

The volume of information in businesses is doubling every two years, creating significant challenges for businesses of all types and sizes, including family offices. Besides the cost of storage, the information in records and data can pose risks that may surface in audits and litigation. One way to successfully tame the rising tide, is to implement...

Sidney Reso, president of Exxon Company International, was kidnapped from the driveway of his home and ultimately murdered in 1992. Edward Lampert, one of the nation’s wealthiest investors, was kidnapped in the parking garage of his offices in 2003 and was released after promising $5 million to his kidnappers. These are only a few examp...

Cloud computing continues to transform the way businesses work. But not all clouds are equal. We’ve collected the key features of cloud computing for family offices into a straightforward checklist and added explanations of what they are and how they matter to family offices. We’ve also highlighted what to look out for when ...

In the wealth management world, basis points mean everything. Hedge funds may charge 100 to 200 basis points plus a performance fee. Fund of funds typically charge 50 to 100 basis points plus a performance fee. The model for wealth management firms could be 50 basis points for managing a $10 million portfolio.Based on our observations, we know weal...

Clients often hire domestic staff for help managing a large family and household. But for the affluent homeowner, there are significant risks associated with retaining employees such as babysitters, elder-caregivers, and housekeepers, to name just a few. When hiring domestic workers, it’s important to consider and address the risks involved, ...