The overwhelming majority of respondents in the 2026 Investment Management Compliance Testing Report (Report) identified artificial intelligence (AI) as the hottest compliance topic, with firms making significant progress on AI governance. In addition to examining how firms are negotiating the compliance challenges posed by AI, the Report also gauges the state of compliance programs and resources; business continuity plans; preparedness for amended Regulation S‑P; third-party risk management; prediction markets; and social media. As in prior years, the study was co-sponsored by ACA Group (ACA), the Investment Adviser Association and Yuter Compliance Consulting. This article discusses the key findings in the Report, with additional commentary from Aaron Pinnick, senior manager of thought leadership at ACA. See “ACA Compliance Testing Survey: AI and AML Are Now Top Compliance Concerns” (Aug. 28, 2025).