The recent GAIM Ops Connect conference included a panel that provided an in-depth analysis of the recent risk alert (Risk Alert) issued by the SEC’s Office of Compliance Inspections and Examinations on its observations from examinations of hedge and private equity fund managers. The discussion was moderated by Suzan Rose, senior adviser to the Alternative Investment Management Association, and featured Andrew Genser, GC at Viking Global Investors; Owen Schmidt, partner at Schulte Roth & Zabel; and Ryan VanGrack, senior deputy GC at Citadel. The core insights explored during the presentation are discussed in this two-part series. This second article reviews the discussion on fee and expense allocations; valuation; insider trading controls; and offshore directors. The first article provided an overview of the Risk Alert and covered the discussion on conflicts relating to allocation of investments and preferred equity; and co‑investments. For coverage of another recent GAIM Ops event, see “Fund Managers Should Not Overlook Participating in Class Actions” (Oct. 8, 2020).