{"id":259173,"date":"2026-01-15T18:27:33","date_gmt":"2026-01-15T23:27:33","guid":{"rendered":"https:\/\/ceoworld.biz\/?p=259173"},"modified":"2026-01-15T18:27:33","modified_gmt":"2026-01-15T23:27:33","slug":"building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives","status":"publish","type":"post","link":"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/","title":{"rendered":"Building Institutional\u2011Grade Governance: Yaniv Bertele\u2019s Approach to Operational Risk in Alternatives"},"content":{"rendered":"<p>Operational risk is the silent compounding factor in alternative asset management. When\u00a0it\u2019s\u00a0well managed, investors rarely notice. When it fails, the consequences extend far beyond the immediate incident-fundraising\u00a0stalls,\u00a0counterparties retrench, investment committees re\u2011open mandates, and confidence can take years to rebuild.<\/p>\n<p>That reality has been underscored by recent operational breakdowns in adjacent insurance\u2011linked strategies, where forged or improperly verified collateral documentation triggered a broader credibility shock. Even managers with no direct connection to those events felt the aftershocks: deeper operational due diligence, longer approval cycles, and heightened scrutiny on valuation, custody, and third\u2011party verification.<\/p>\n<p>For\u00a0<a href=\"https:\/\/www.yanivbertele.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow\"><strong>Yaniv Bertele<\/strong><\/a>, founder of\u00a0EverOak\u00a0Innovations, this\u00a0isn\u2019t\u00a0simply a compliance issue-it\u2019s\u00a0a strategic choice. \u201c<strong>Institutional investors\u00a0don\u2019t\u00a0allocate to\u00a0promises. They\u00a0allocate\u00a0to systems<\/strong>,\u201d he says. \u201c<strong>Governance is\u00a0preventive\u00a0infrastructure. If you treat it as a minimum requirement,\u00a0you\u2019re\u00a0building fragility into the business<\/strong>.\u201d<\/p>\n<p>In insurance\u2011linked alternatives-especially longevity\u2011exposed assets such as life settlements-Bertele argues that governance is not just protection.\u00a0It\u2019s\u00a0differentiation.<\/p>\n<p><strong>Governance as Preventive Infrastructure\u00a0<\/strong><\/p>\n<p>Most institutional investors understand that rules exist-custody requirements, disclosure obligations, internal\u00a0controls. The question allocators increasingly ask is not\u00a0whether\u00a0those boxes are checked, but whether the manager\u2019s architecture is designed to\u00a0<strong>make failure difficult<\/strong>.<\/p>\n<p>Bertele frames institutional\u2011grade\u00a0<a href=\"https:\/\/www.globalbankingandfinance.com\/from-opaque-to-investable-yaniv-bertele-s-blueprint-for-transparent-alternatives\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow\">governance as a layered verification<\/a>\u00a0system:<\/p>\n<p><strong>1) Separation of powers: oversight that can say \u201cno\u201d\u00a0<\/strong><\/p>\n<p>Sophisticated allocators look for independent oversight that is empowered, competent, and active-especially in asset classes where valuation relies on models and workflows rather than exchange prints.<\/p>\n<p>Effective governance is not a ceremonial board. It is a fiduciary layer that can challenge decisions, demand evidence, and require corrective action. In\u00a0<a href=\"https:\/\/il.linkedin.com\/in\/yanivbertele\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow\">Bertele\u2019s view<\/a>, the strongest structures include individuals with backgrounds in regulation, audit, institutional investing, or operational risk-people who know how failures happen and where controls tend to break.<\/p>\n<p>\u201c<strong>If authority is concentrated, risk is concentrated<\/strong>,\u201d he says. \u201c<strong>Strong governance distributes authority and makes verification mandatory<\/strong>.\u201d<\/p>\n<p><strong>2) Independent administration: verify the asset, not the story\u00a0<\/strong><\/p>\n<p>A core principle of institutional operational due diligence is that the investment manager should not be the sole source of truth.<\/p>\n<p>Third\u2011party administrators (TPAs) and independent service providers create operational separation between investment decisions and transaction execution. In insurance\u2011linked strategies, that independence matters because the operational workflow is part of the risk engine: documentation integrity, servicing, premium flows, and status updates are as important as macro factors are to traditional portfolios.<\/p>\n<p>In life settlements specifically, institutional governance typically demands independent confirmation of:<\/p>\n<ul>\n<li>policy authenticity (including carrier verification),<\/li>\n<li>premium payment execution and tracking,<\/li>\n<li>beneficiary\/ownership chain integrity,<\/li>\n<li>policy status monitoring and event logging,<\/li>\n<li>documentation completeness and audit trails.<\/li>\n<\/ul>\n<p>This is how a manager moves from \u201ctrust us\u201d to \u201chere is the evidence.\u201d<\/p>\n<p><strong>3) Custody and cash controls: design the money movement perimeter\u00a0<\/strong><\/p>\n<p>Baseline custody rules require qualified custodians for client assets under many advisory structures. Institutional allocators go further: they evaluate whether custody is paired with\u00a0<strong>segregated cash architecture<\/strong>, clear authorization protocols, and documented controls for capital deployment.<\/p>\n<p>Institutional\u2011grade practices commonly include:<\/p>\n<ul>\n<li>segregated accounts by vehicle (and often by function),<\/li>\n<li>dual authorization for wires and material approvals,<\/li>\n<li>call\u2011back procedures and standing\u2011instruction controls,<\/li>\n<li>reconciliation routines independent of the portfolio team,<\/li>\n<li>exception\u00a0reporting routed to oversight functions (not only investment staff).<\/li>\n<\/ul>\n<p>\u201cOperational control is not a document.\u00a0It\u2019s\u00a0a perimeter,\u201d Bertele notes. \u201cYou want controls that work on bad days, not just good days.\u201d<\/p>\n<p><strong>4) Valuation governance: treat model risk as first\u2011class risk\u00a0<\/strong><\/p>\n<p>Insurance\u2011linked and longevity\u2011exposed strategies often involve\u00a0Level 3\u00a0valuation elements under ASC 820 \/ IFRS 13-unobservable inputs, model\u2011driven marks, and sensitivity to assumptions.<\/p>\n<p>That\u00a0doesn\u2019t\u00a0disqualify the asset. It does mean the valuation process must be governed like an institutional process:<\/p>\n<ul>\n<li>documented\u00a0methodology\u00a0and assumptions,<\/li>\n<li>independent review or pricing committee,<\/li>\n<li>periodic back\u2011testing and calibration,<\/li>\n<li>clear escalation when model outputs diverge from evidence,<\/li>\n<li>investor\u00a0reporting that includes sensitivity bands and drivers.<\/li>\n<\/ul>\n<p>Bertele\u2019s point is simple: \u201c<strong>If valuation can\u2019t be explained, it can\u2019t be trusted-and if it can\u2019t be trusted, it can\u2019t scale.<\/strong>\u201d<\/p>\n<p><strong>Reputation Risk and Institutional Response\u00a0<\/strong><\/p>\n<p>Operational incidents in alternatives often produce a disproportionate market reaction because investors know two things:<\/p>\n<ol>\n<li>the true scope of a control failure is rarely visible on day one, and<\/li>\n<li>the damage is\u00a0frequently\u00a0cultural\u00a0as much as\u00a0technical.<\/li>\n<\/ol>\n<p>Even when a problem is\u00a0contained\u00a0financially, institutional committees respond with:<\/p>\n<ul>\n<li>expanded diligence requirements,<\/li>\n<li>re\u2011negotiation of terms and fees,<\/li>\n<li>slower approvals and smaller\u00a0initial\u00a0allocations,<\/li>\n<li>and, in some cases, temporary moratoriums on adjacent strategies.<\/li>\n<\/ul>\n<p>This \u201ccontagion effect\u201d is especially pronounced in niche areas like insurance\u2011linked alternatives, where a single scandal can paint the entire category as opaque.<\/p>\n<p>Bertele\u2019s approach emphasizes proactive transparency as a governance tool, not a PR tactic:<\/p>\n<ul>\n<li>disclose material incidents quickly and factually,<\/li>\n<li>provide structured updates with clear next steps,<\/li>\n<li>publish a post\u2011mortem with corrective actions tied to owners and timelines,<\/li>\n<li>demonstrate how the control environment has\u00a0changed-not\u00a0just that it will.<\/li>\n<\/ul>\n<p>\u201c<strong>Silence isn\u2019t neutral in a crisis<\/strong>,\u201d he says. \u201c<strong>Investors assume the worst when they don\u2019t have a controlled narrative backed by evidence<\/strong>.\u201d<\/p>\n<p><strong>Operational Continuity Planning: Beyond Disaster Recovery\u00a0<\/strong><\/p>\n<p>Institutional investors increasingly define \u201cbusiness continuity\u201d as more than systems uptime. They evaluate whether the strategy can\u00a0operate\u00a0through stress, turnover, vendor failures, and cyber disruption.<\/p>\n<p><strong>Key\u2011person and process continuity\u00a0<\/strong><\/p>\n<p>Committees ask whether the strategy depends on a single individual\u2019s judgment or relationships. Institutional\u2011grade managers document workflows so that execution can continue even if key personnel\u00a0depart.<\/p>\n<p>Best practice includes:<\/p>\n<ul>\n<li>documented investment and servicing processes,<\/li>\n<li>cross\u2011training and role coverage plans,<\/li>\n<li>governance\u00a0mechanisms that preserve institutional knowledge.<\/li>\n<\/ul>\n<p><strong>Service provider redundancy\u00a0<\/strong><\/p>\n<p>Longevity\u2011exposed strategies rely on specialized vendors-medical underwriting, servicing, data providers, legal support. Concentration in one provider introduces fragility. Institutional allocators increasingly prefer managers with redundancy across critical functions, so operations can continue if a\u00a0provider\u00a0relationship is disrupted.<\/p>\n<p><strong>Technology resilience and cybersecurity\u00a0<\/strong><\/p>\n<p>Operational risk is now inseparable from cyber risk. Institutional investors commonly expect:<\/p>\n<ul>\n<li>cloud resilience with tested recovery protocols,<\/li>\n<li>access controls with least\u2011privilege permissions,<\/li>\n<li>multi\u2011factor authentication,<\/li>\n<li>encryption at rest and in transit,<\/li>\n<li>centralized logging and monitoring,<\/li>\n<li>regular vulnerability management and penetration testing.<\/li>\n<\/ul>\n<p><strong>Privacy and medical record handling\u00a0<\/strong><\/p>\n<p>Life settlements add a unique operational dimension: medical records. Mishandling sensitive data can trigger reputational and regulatory\u00a0consequences\u00a0disproportionate to the direct\u00a0financial impact.<\/p>\n<p>Institutional\u2011grade privacy operations typically require:<\/p>\n<ul>\n<li>secure transmission and storage,<\/li>\n<li>role\u2011based access controls and audit trails,<\/li>\n<li>vendor agreements and oversight for any entity handling records,<\/li>\n<li>documented incident response playbooks for privacy events.<\/li>\n<\/ul>\n<p><strong>Market Recovery and Positioning: The New Entrant Advantage\u00a0<\/strong><\/p>\n<p>Post\u2011crisis environments often create a reset in expectations. For new entrants, that can be an\u00a0advantage-if\u00a0they build governance into the foundation rather than retrofitting it later.<\/p>\n<p>Bertele argues that institutional investors are not looking for managers who claim immunity from industry problems. They want managers who:<\/p>\n<ul>\n<li>understand what failed and why,<\/li>\n<li>can show how their controls address those failure modes,<\/li>\n<li>and can prove that governance is operationalized, not merely\u00a0stated.<\/li>\n<\/ul>\n<p>\u201c<strong>In this market, governance is not marketing.\u00a0It\u2019s\u00a0product<\/strong>,\u201d he says. \u201c<strong>It\u2019s the thing you\u2019re selling alongside\u00a0returns:\u00a0reliability, auditability, and resilience<\/strong>.\u201d<\/p>\n<p><strong>What Institutional Committees Should Test\u00a0<\/strong><\/p>\n<p>For allocators building an operational due diligence framework, the essentials are increasingly consistent across strategies:<\/p>\n<p><strong>Governance and Oversight\u00a0<\/strong><\/p>\n<ul>\n<li>independence and qualifications of trustees\/board,<\/li>\n<li>cadence and\u00a0evidence\u00a0of active oversight,<\/li>\n<li>escalation protocols and decision rights.<\/li>\n<\/ul>\n<p><strong>Administration and Verification\u00a0<\/strong><\/p>\n<ul>\n<li>scope of third\u2011party administration and reconciliation,<\/li>\n<li>independent verification procedures for assets and cash flows,<\/li>\n<li>transparency of audit trails and exception handling.<\/li>\n<\/ul>\n<p><strong>Cash and Custody Controls\u00a0<\/strong><\/p>\n<ul>\n<li>account segregation and authorization rules,<\/li>\n<li>wire controls, call\u2011backs, and dual approvals,<\/li>\n<li>reconciliation\u00a0frequency and independence.<\/li>\n<\/ul>\n<p><strong>Valuation Discipline\u00a0<\/strong><\/p>\n<ul>\n<li>methodology\u00a0documentation,<\/li>\n<li>independent review structure,<\/li>\n<li>sensitivity reporting and back\u2011testing routines.<\/li>\n<\/ul>\n<p><strong>Continuity and Cyber\u00a0<\/strong><\/p>\n<ul>\n<li>disaster recovery testing evidence,<\/li>\n<li>vendor redundancy,<\/li>\n<li>cybersecurity controls and testing\u00a0program.<\/li>\n<\/ul>\n<p><strong>People Risk\u00a0<\/strong><\/p>\n<ul>\n<li>succession plans and cross\u2011training,<\/li>\n<li>role coverage maps and knowledge retention.<\/li>\n<\/ul>\n<p><strong>Site Visits and References\u00a0<\/strong><\/p>\n<ul>\n<li>transaction walkthroughs and control testing,<\/li>\n<li>confidential interviews with operational staff,<\/li>\n<li>references with service providers and prior investors.<\/li>\n<\/ul>\n<p><strong>The Bottom Line\u00a0<\/strong><\/p>\n<p>In alternative asset management, operational risk is not a side issue. It is a core determinant of scalability, survivability, and institutional trust.<\/p>\n<p><a href=\"https:\/\/www.crunchbase.com\/person\/yaniv-bertele\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow\">Yaniv Bertele\u2019s governance philosophy<\/a>\u00a0is built around a clear institutional truth:\u00a0returns attract attention, but controls earn permission.\u00a0Managers who invest early in independent oversight, third\u2011party verification, resilient operations, and transparent reporting\u00a0don\u2019t\u00a0just reduce downside-they position themselves as allocatable when committees are most cautious.<\/p>\n<p>Or, as Bertele puts it: \u201c<strong>Performance can win a quarter. Governance wins a decade<\/strong>.\u201d<\/p>\n<hr \/>\n<p>Have you read?<br \/>\n<a href=\"https:\/\/ceoworld.biz\/2026\/01\/15\/2026-wealth-shock-0-001-now-own-triple-the-bottom-half\/\" rel=\"follow\" data-wpel-link=\"internal\">0.001% vs. The Bottom 50%: Understanding the 2026 Wealth Gap Shock<\/a>.<br \/>\n<a href=\"https:\/\/ceoworld.biz\/2026\/01\/15\/make-space-for-productive-boredom\/\" rel=\"follow\" data-wpel-link=\"internal\">How to Use Productive Boredom to Boost Your Focus and Innovation<\/a>.<br \/>\n<a href=\"https:\/\/ceoworld.biz\/2026\/01\/15\/when-the-decisions-cannot-be-outsourced\/\" rel=\"follow\" data-wpel-link=\"internal\">Essential Leadership: 5 Decisions You Can Never Outsource<\/a>.<br \/>\n<a href=\"https:\/\/ceoworld.biz\/2026\/01\/15\/why-your-thought-leadership-has-lost-its-spark\/\" rel=\"follow\" data-wpel-link=\"internal\">Is Your Thought Leadership Failing? 5 Ways to Regain Your Influence<\/a>.<br \/>\n<a href=\"https:\/\/ceoworld.biz\/2026\/01\/15\/sustainability-outlook-2025-progress-trends-and-an-2026-forecast\/\" rel=\"follow\" data-wpel-link=\"internal\">2025 Sustainability Trends: Progress Report and 2026 Market Forecast<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Operational risk is the silent compounding factor in alternative asset management. When\u00a0it\u2019s\u00a0well managed, investors rarely notice. When it fails, the consequences extend far beyond the immediate incident-fundraising\u00a0stalls,\u00a0counterparties retrench, investment committees re\u2011open mandates, and confidence can take years to rebuild. That reality has been underscored by recent operational breakdowns in adjacent insurance\u2011linked strategies, where forged or [&hellip;]<\/p>\n","protected":false},"author":5601,"featured_media":259180,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36079],"tags":[36179,36188,36189,36190,36191,36192,36193,36194,37236,37237,37326],"class_list":["post-259173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-executive-roundtable","tag-chief-business-officer-insider","tag-chief-business-development-officer-insider","tag-chief-brand-officer-insider","tag-chief-commercial-officer-insider","tag-chief-communications-officer-insider","tag-chief-compliance-officer-insider","tag-chief-content-officer-insider","tag-chief-creative-officer-insider","tag-chief-budget-officer-insider","tag-chief-behavioral-officer-insider","tag-chief-business-advisor-insider"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Building Institutional\u2011Grade Governance: Yaniv Bertele\u2019s Approach to Operational Risk in Alternatives - CEOWORLD magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Building Institutional\u2011Grade Governance: Yaniv Bertele\u2019s Approach to Operational Risk in Alternatives - CEOWORLD magazine\" \/>\n<meta property=\"og:description\" content=\"Operational risk is the silent compounding factor in alternative asset management. When\u00a0it\u2019s\u00a0well managed, investors rarely notice. When it fails, the consequences extend far beyond the immediate incident-fundraising\u00a0stalls,\u00a0counterparties retrench, investment committees re\u2011open mandates, and confidence can take years to rebuild. That reality has been underscored by recent operational breakdowns in adjacent insurance\u2011linked strategies, where forged or [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/\" \/>\n<meta property=\"og:site_name\" content=\"CEOWORLD magazine\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ceoworldmag\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-15T23:27:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ceoworld.biz\/wp-content\/uploads\/2026\/01\/Yaniv-Bertele.jpg?wsr\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Christina Miller, Ph.D.\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ceoworld\" \/>\n<meta name=\"twitter:site\" content=\"@ceoworld\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christina Miller, Ph.D.\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/\"},\"author\":{\"name\":\"Christina Miller, Ph.D.\",\"@id\":\"https:\/\/ceoworld.biz\/#\/schema\/person\/fae4c41c828da670a4dbd2987e6067c8\"},\"headline\":\"Building Institutional\u2011Grade Governance: Yaniv Bertele\u2019s Approach to Operational Risk in Alternatives\",\"datePublished\":\"2026-01-15T23:27:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/\"},\"wordCount\":1485,\"publisher\":{\"@id\":\"https:\/\/ceoworld.biz\/#organization\"},\"image\":{\"@id\":\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ceoworld.biz\/wp-content\/uploads\/2026\/01\/Yaniv-Bertele.jpg?wsr\",\"keywords\":[\"Chief Business Officer Insider\",\"Chief Business Development Officer Insider\",\"Chief Brand Officer Insider\",\"Chief Commercial Officer Insider\",\"Chief Communications Officer Insider\",\"Chief Compliance Officer Insider\",\"Chief Content Officer Insider\",\"Chief Creative Officer Insider\",\"Chief Budget Officer Insider\",\"Chief Behavioral Officer Insider\",\"Chief Business Advisor Insider\"],\"articleSection\":[\"Executive Roundtable\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2026\",\"copyrightHolder\":{\"@id\":\"https:\/\/ceoworld.biz\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/\",\"url\":\"https:\/\/ceoworld.biz\/2026\/01\/15\/building-institutional-grade-governance-yaniv-berteles-approach-to-operational-risk-in-alternatives\/\",\"name\":\"Building Institutional\u2011Grade Governance: Yaniv Bertele\u2019s Approach to Operational Risk in Alternatives - 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