ACA Group (ACA), in collaboration with the Investment Adviser Association and Yuter Compliance Consulting, recently completed its 2021 investment management compliance testing survey. This article, the first in a two-part series, explores the findings of the study with respect to compliance programs and testing; advisers’ responses to the coronavirus pandemic; responsible investing; and climate change risk. The article also includes thoughts from Enrique Alvarez, director at ACA, who discussed the survey’s results with the Hedge Fund Law Report. The second article will cover the survey’s findings as to hot topics, the new marketing rule, disclosure to regulators, trading matters and regulatory priorities. For coverage of ACA’s 2020 compliance testing survey, see our two-part series: “Hot Topics, Compliance Programs, BCPs and the Pandemic” (Aug. 13, 2020); and “Form CRS; Anti‑Bribery and Anticorruption Controls; Cybersecurity; and Privacy” (Aug. 27, 2020).