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The study, which surveyed over 100 senior executives and compliance professionals working for alternative fund managers, found that 90% of respondents expect their focus on governance to increase significantly over the next two years, with nearly a third anticipating a dramatic rise in attention.

While most fund managers acknowledge the importance of governance, with 93% stating that their board has the right blend of skills, the research highlights the increasing pressure to improve governance frameworks, particularly in the face of evolving regulatory requirements.

Ocorian, a global leader in corporate services, is addressing this growing need with its director services - providing experience directors and governance experts and partners with Bovill Newgate whose board evaluation expertise combines to help firms assess and enhance the effectiveness of their governance structures, ensuring compliance and long-term stability.

Paul Ford, Head of Regulatory and Governance at Bovill Newgate, commented: "Regulators hold the board responsible for effective compliance with the regulatory framework. The board must demonstrate integrity and sound judgment, especially in today's increasingly stringent regulatory environment. The board also must organise and control the firm effectively, including establishing and maintaining appropriate and effective policies, procedures and controls which includes appropriate and effective governance frameworks for decision making. Despite many firms claiming they are good at governance, they are still seeking additional support as regulations evolve, and this is where Bovill Newgate's board evaluation services and consultancy expertise can make a crucial difference."

The findings from the study underscore the importance of continuous improvement in governance practices. Ocorian's board evaluation services provide comprehensive reviews of board effectiveness, offering tailored solutions that align with each firm's specific regulatory obligations. There is also the added option of appointing independent board directors to ensure diversity at Board-level in alignment with regulator expectations. Ocorian supports firms in ensuring their governance structures are both robust and adaptable.

Paul Ford added: "As regulatory demands continue to become more complex, particularly for firms operating across multiple jurisdictions, governance frameworks need to be stronger than ever. We often recommend a three lines of defence approach, which includes implementing robust procedures and policies, rigorous monitoring, and independent reviews. This strategy not only helps businesses protect themselves but also provides assurance to regulators that governance is being taken seriously. We also offer consultancy expertise in relation to the appropriateness and effectiveness of both the governance framework and the related CMP controls to test effectiveness."