In 2023, the SEC Division of Examinations (Division) issued a risk alert (Risk Alert) outlining its examination selection process for registered investment advisers. Those advisers represent a diverse group that includes small firms and global asset managers and serve diverse clientele, participate in a broad scope of activities and oversee a wide range of assets under management. The number of SEC-registered investment advisers has grown, and the Division examines approximately 15 percent of them each year, employing a risk-based approach for selecting both the advisers to examine and risk areas for examination. The article summarizes the Risk Alert, including how the Division selects advisers to examine, focus areas to concentrate on and documents to request, with insights from Benjamin Kozinn, who, at the time of writing, was a partner at Schulte Roth & Zabel LLP and is now a partner at McDermott Will & Emery LLP; and Valerie Ruppel, a former SEC examiner who, at the time of writing, was practice lead at Bovill and is currently CCO at IMA Advisory Services, Inc. A checklist of initial documents typically requested by the Division is also included. See “Risk Alert Offers Insight on Exams of Newly Registered Advisers” (May 25, 2023).