In September 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. This article summarizes the Risk Alert, including how the Division selects advisers to examine, focus areas to concentrate on and documents to request. A checklist of initial documents typically requested by the Division is also included. See “SEC 2026 Exam Priorities: Retail Investor Protection In, Crypto Out” (Feb. 12, 2026).