On September 6, 2023 the SEC released a risk alert (available here) detailing how the Division of Examinations (the “Division”) utilizes a risk-based approach for both selecting which SEC-registered investment advisers (“RIAs”) to examine and determining the scope of risk areas to examine. The risk alert is consistent with the Division’s past guidance for RIAs, and these issues should look familiar to many clients and sponsors who have undergone an examination. Still, emerging managers and advisers that have not yet been examined in particular may find the information helpful.