There's no rest or relaxation for operations managers, as fund firms adjust to life in an era of worldwide financial reform.

Managing risk and reporting to regulators top their concerns, as they prioritize time and spending, according to the second annual Money Management Executive Operations Survey, conducted by Lodestar Research and sponsored by J.P. Morgan Worldwide Securities Services.

In fact, their biggest concern: risk management and regulatory reporting could be the greatest potential source of errors in their operations. Don't tell a regulator that.

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