Investment Risk Governance and Fiduciary Compliance Expert

Dr. Susan Mangiero is a CFA charterholder, certified Financial Risk Manager and Accredited Investment Fiduciary Analyst™. She offers independent risk management and valuation consulting and training. She has provided testimony before the ERISA Advisory Council, the OECD and the ... more

ALL CONTRIBUTIONS

Can A Retirement Plan Have Too Much Risk Management?
Retirement plan fiduciaries and their advisors are well served by identifying primary goals, major obstacles and both short-term and long-term nightmares that would generate serious pain for participants.
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Five Retirement Fiduciary Events That Made A Big Difference In 2016
Post-election, the U.S. market seems poised for better returns in 2017 although it is thought that low-cost index funds will remain popular.
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Simplifying Retirement Planning Communications
For many people, retirement planning tends to be an exercise in frustration. Some complaints focus on numbers that seek to dazzle without enlightening. Others call out language that is overly long, complex and ambiguous.
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Valuing Public Pension Fund Liabilities
On August 3, it was reported that two actuarial groups disbanded a task force over the topic of how to best value public pension fund liabilities.
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Company Worries About Retirement Readiness
According to a new report, corporations worry that employees cannot afford to leave the labor force on schedule. Fearing higher costs, many employers describe anemic retirement readiness as a "top risk" yet few monitor this on a regular basis.
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State Retirement Arrangements For Small Business Employees
My lack of enthusiasm for state-run programs has more to do with philosophy and a desire to encourage economic growth. Here is some food for thought.
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STOCKS I FOLLOW

BAC Bank of America Corporation
BP BP p.l.c.
IYF iShares Dow Jones U.S. Financial Sector Index Fund
JPM JPMorgan Chase & Co.
MS Morgan Stanley
SPY SPDR S&P 500
XLF Financial Select Sector SPDR

TWEETS

PERSONAL BLOG

Latest Posts

Work Experience

Managing Director
Fiduciary Leadership, LLC
July 2003 - Present (15 years 3 months)
Dr. Susan Mangiero, CFA, FRM works with institutional investors and their attorneys, auditors, financial advisors and asset managers. Services include: • Investment best practices research and analysis; • Asset-liability and risk management procedural prudence analysis; * Valuation opinions and model testing; • White papers, articles and books about investment risk governance; • Expert witness testimony; • Keynote speeches and presentations.
Managing Director
FTI Consulting
January 2012 - January 2013 (1 year 1 month)
Susan Mangiero, PhD, CFA, FRM served as project leader and/or expert in rendering litigation, forensic, compliance and/or investigative due diligence assistance to asset managers, institutional investors and their attorneys or regulatory authorities
Expert
U.S. Department of Labor
2007 - 2011 (4 years 7 months)
Created and led workshops about derivatives and hedge fund and private equity fund risk management and valuation. Served as expert regarding enforcement tied to investment, risk and valuation issues with engagements varying over time.
Founder and President
Investment Governance, Inc.
February 2005 - September 2010 (5 years 8 months)
Investment Governance, Inc. is an independent research and analysis company that focuses on benefit plan related investment risk, corporate strategy, valuation and accounting issues, with the fiduciary perspective in mind.
Founder
GSM Associates, LLC
2001 - 2003 (2 years 7 months)
Developed training materials and led on-site executive training for investment bankers, auditors, attorneys and financial analysts as instructor for New York Institute of Finance, Stalla Review, Schweser Study Program® and MTA Global.

Education

Carnegie Mellon University - Tepper School of Business
Post Grad
1998 / 1999
Computational Finance
The University of Connecticut School of Business
Ph.D.
1989 / 1997
Finance, Math
New York University - Leonard N. Stern School of Business
MBA
1984 / 1988
Finance
The George Washington University
M.A.
1977 / 1980
Economics
George Mason University
B.A.
1974 / 1977
Economics

Publications

Pension Plans: The $20 Trillion Elephant in the (Valuation) Room
Susan Mangiero
Business Valuation Resources
07/01/2013
Company pension plans are ticking time bombs that could have a devastating impact on enterprise value. Massive underfunding, along with complicated plan economics, makes it crucial for appraisers and investors to have a solid grasp of the ins and outs of these plans and their potential consequences on value. This article examines why appraisers, private equity funds, lenders and corporate buyers need to understand the relationship between retirement plan liabilities and enterprise value.
Working Effectively With A Financial Expert Witness
Susan Mangiero
American Bar Association
06/01/2008
"Working Effectively With A Financial Expert Witness" describes the role of a financial expert as someone who is hired to render analytical clarity and assist the trier of facts. This articles discusses enhancements in the area of budget-setting, clear communications and data integrity.
Risk Management for Pensions, Endowments, and Foundations
Susan Mangiero
Wiley
11/01/2004
Tighter financial regulations, business scandals, investment losses, shareholder lawsuits, and market volatility have put fiduciaries, and their advisors, in the spotlight like never before. This is especially true for pensions, endowments, and foundations that collectively control trillions of dollars in assets on behalf of beneficiaries. To manage the financial risk, those involved in or affected by endowment, foundation, and pension fund investment decision-making must have a firm understanding of performance assessment basics, derivative instruments, and risk measurement and control techniques. Risk Management for Pensions, Endowments, and Foundations is a nontechnical primer that offers intuitive and straightforward information about risk management for plan sponsors, trustees, board members, regulators, auditors, attorneys, consultants, financial analysts, beneficiaries, fundraisers, journalists, grant-makers, and investor relations specialists.