{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/internal-controls",
 "identifier": "kaal:entity:internal-controls",
 "name": "Internal controls",
 "termCode": "internal-controls",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "additionalProperty": [
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   "value": [
    "2009",
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1428387-004",
   "identifier": "kaal:claim:1428387-004",
   "text": "Valuation is very likely to become the next major issue for the hedge fund industry, because most jurisdictions lack regulatory oversight of valuation and the industry generally lacks self-discipline and internal controls.",
   "abstract": "With the lack of regulatory oversight in most jurisdictions, as well as the general lack of self- discipline and internal controls, valuation is very likely to become the next major issue for the hedge fund industry.13",
   "citation": "Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387",
   "datePublished": "2009",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "absent regulatory oversight",
    "absent industry self-discipline and internal controls"
   ],
   "source_pdf_sha256": "6aa3a280dc6750723be2389f3af2aabf3a16c4ce20e49fcdaddd7f2ea95a67aa",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2337268-039",
   "identifier": "kaal:claim:2337268-039",
   "text": "A chief compliance officer is effective only if he or she combines sufficient knowledge of IAA obligations with adequate authority to develop and enforce policies and procedures; knowledge without authority is insufficient.",
   "abstract": "The chief compliance officer should have sufficient knowledge of IAA obligations and adequate authority to develop and enforce appropriate policies and procedures.",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "registered investment advisers required to designate a chief compliance officer"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'internal-controls'. Derived node: a roster, not an adjudicated definition."
}