Executives at mutual fund companies, asset management companies and support providers rated client reporting--which included any reporting that is created for the purpose of distribution to clients--as their top challenge followed closely by risk management in Money Management Executive's third annual Operations Survey.

The potential hit companies face in litigation, regulatory action and reputational damage is why operations managers are still so concerned about risk, the survey--sponsored by Ultimus Fund Solutions--shows. And those threats won't diminish anytime soon. The ranking differs just slightly from last year when risk management topped concerns, followed closely by regulatory reporting. All in all, however, are the results surprising?

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