GIPS compliance you can ask about: every composite move tested and cited to its source, every exception re-tested blind, and each decision signed before the verifier asks
Composite errors found before the verifier finds them, with every move proven twice.
See one case, screen by screen ↓GIPS Compliance Reporting is a GIPS compliance solution for performance teams: composites, GIPS Reports and verification. Seven agents test every composite membership move against the firm's own written policies, re-test exceptions blind, recompute internal dispersion and the three-year standard deviation, redraft each GIPS Report and keep the verifier's request list answered. People ask the agents why in plain words and see the evidence; analysts prepare and the GIPS Compliance Officer approves and signs.
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GIPS compliance is a promise to every prospect that each strategy's track record is fair and complete: every actual, fee-paying, discretionary portfolio sits in a composite by the firm's own written rules, and moves in or out only when those rules say so: the timing for new and terminated accounts, significant cash flows, minimum size. Today those moves are keyed into the performance system, often with no reason recorded. Internal dispersion and the three-year standard deviation are recomputed in spreadsheets, and each GIPS composite report is rebuilt by hand every quarter.
In the GIPS verification process the verifier tests all of it on a sample. Each removal has to be proven from the custodian statement and the client's letter, often not in English, and the request list takes weeks of digging and email. One undocumented move, or one partial-year portfolio in a dispersion figure, is a verification finding, and the wrong number then sits in every GIPS Report that shows that year. A firm that cannot support its claim of compliance must stop making it — and an SEC-registered adviser that claims it answers to the SEC Marketing Rule as well.
Estimated split for a quarter close and the verification that follows, at a firm the size of the sample firm (80 composites, 3,412 portfolios): by hand, and with the solution. Our estimate, not a measured result.
Seven agents test, re-test, recompute and document every composite move; the analyst prepares, the GIPS officer approves.
Quillfield Capital is closing Q3 2026: 80 composites, 3,412 portfolios and $814.6 billion of total firm assets. Hartcliffe Verification LLP starts interim fieldwork on November 9 and has already sent its 25-account sample. Here is Monday, October 19, screen by screen, in the working solution.
It is business day 13 of 15 of the Q3 close: 7 sign-offs wait for Ruth, 61 of 80 composites are closed against the October 21 deadline and 131 of 146 verifier requests are ready. She types her first question into the ask box: “Why did QC-1182 leave Global Value Equity in March?” The agents answer with four citations: Kasse Rheinfeld Versorgungswerk withdrew $27.1 million on March 9, instructed in a German letter of February 24, which is 14.0% of the February 28 value of $193.6 million. Policy §4.3 removes it for March and brings it back on April 1; the removal is valid, but no reason was recorded, so it needs her approval.
“Agents propose and explain; people decide. Every step is in the audit trail.”
The Intake agent loaded 3,412 portfolios and 18,940 external cash flows from 9 of 10 systems; the Singapore custodian file is late, so four August statements are still missing and that question waits on data. The Membership agent tested every event against the firm's GIPS composite rules and documented 1,823 at confidence 0.95 or above, each with its reason and source. The Second-check agent re-tested 365 of them blind on an independent model and agreed with all 365. The 23 questions left carry their type, composite, account, confidence, owner and due date — among them a Japanese contribution notice for QC-6611 with one figure read at 0.86 confidence.
“23 open questions need a person · 3 business days to answer.”
The Global Value Equity Composite — 47 portfolios, $19.07 billion, benchmark Halden Global Value Index (net) — shows each account as a bar from October 2025 to September 2026, with a mark for each significant cash flow, minimum-size breach, new account, termination and guideline change. The composite rules sit above it, each linked to its policy page: cash flow ≥ 10% of start value (§4.3), minimum $10 million (§4.4), join at the first full month and leave after the last full month (§4.1). In the conversation beside it, the Membership agent shows its plan, every source it read and its arithmetic.
“4 open questions here · of 11 membership changes this year, the agents documented 8 on their own and sent 3 to a person.”
Ruth opens the source. The withdrawal letter (KRV-2026-031, page 1, from document management) shows the original German on the left and the agent's English on the right, with the passages it relied on highlighted: withdraw EUR 25,000,000.00 on March 9, 2026, for a reallocation to the client's bond portfolio, as resolved by its investment committee on February 12. The mandate's investment guidelines are unchanged — so this is a cash flow, not a change of strategy.
On QC-3054, Ashgrove County Teachers' Retirement System, the two agents disagree. Against portfolio accounting's June 30 value of $102.1 million on a trade-date basis, the July withdrawal of $9.8 million is 9.6%, so the account stays in. Against the custodian's settled value of $95.2 million, which leaves out a $6.9 million purchase traded June 29, it is 10.3%, and the account would be removed for July. Policy §2.1 makes portfolio accounting the book of record, so the Membership agent recommends “stays in” — but it has not decided it itself.
“Why this needs a person. The two agents disagree, and neither may resolve a disagreement. It goes to the analyst, and the officer countersigns.”
Back on QC-1182, the Second-check agent's blind re-test from the custodian statement and the valuation also came to 14.0%, and the proposal carries confidence 0.97. Policy §7.2 sends every undocumented change to the GIPS Compliance Officer, and the verifier asked about this account on October 16. Ruth approves with reason code SCF-VALID · Significant cash flow, documented after the fact, and ticks the box: “I, Ruth Adeyemi, approve this with my electronic signature. It is logged with the time and the evidence.”
“Maker-checker. Prepared by the Membership agent and re-tested blind by the Second-check agent. You are the checker.”
The thread records “Approved by Ruth Adeyemi · SCF-VALID · Oct 19 09:11”. The Evidence agent attaches the custodian statement and the client's letter to the account's membership history and to request 14 on the verifier's list, and readies its reply to the verifier's question for Kenji Morimoto to release. The banner now reads 2 decisions, and the next one is one click away: the 2024 dispersion.
“Signed: Q-26Q3-0141 · SCF-VALID · logged in the audit trail.”
The Statistics agent recomputed composite returns, internal dispersion and the three-year standard deviation for 80 composites over ten years and found 3 differences in 2,400 figures. In Global Value Equity, two portfolios that joined on April 1, 2024 were in the published 2024 dispersion; only full-year members count, so it should be 0.44%. Under the error correction policy (§9.1) the change is not material: it is corrected in the next report, with no disclosure.
The Statistics agent never overwrites a published figure — a difference becomes a question for the GIPS officer.
The Report agent has redrafted the Global Value Equity GIPS composite report as v2026.3 against v2026.2, signed July 17: Q3 2026 year to date added at 9.46% gross, 9.02% net and 8.21% for the benchmark, 47 portfolios, $19,070 million of composite assets, $814.6 billion of total firm assets, and the 2024 dispersion at 0.44% pending sign-off. All 23 required disclosures are checked and every number links to its source. Tomás prepared it, so only someone else can sign it — and not until the last three questions close.
“Error policy §9.1: the dispersion change is not material, so no disclosure and no notice to prospects; it is recorded in the error log.”
On October 16 Paul Danforth, the verifier's engagement lead, asked for the support behind QC-1182's March removal and the date it was documented. The Evidence agent's draft reply cites the policy, the client's instruction and the custodian's March statement; Ruth's approval stands behind it, and Kenji releases it. With her decision in, 132 of 146 requests are ready, three weeks before fieldwork. The sample was pulled in 11 minutes, and the export pack holds 1,214 files under a signed index with a SHA-256 hash for every file.
“Officer approval: Ruth Adeyemi approved the decision behind this reply (Q-26Q3-0141). The liaison releases.”
The same Q3 close, seen by five of the people who carry it — what the quarter looked like, and what it looks like now.
Seven agents test, re-test, recompute and document every composite move; the analyst prepares, the GIPS officer approves.
Loads portfolios, valuations, external cash flows and fee and discretion flags every night from the performance system and portfolio accounting, and matches custodian statements and fund administrator NAVs to the book of record.
Reads the GIPS Policies & Procedures manual and the 80 composite definitions and writes 412 testable rules, each cited to its page; checks the manual against the 2020 GIPS Standards and lists the gaps; previews which portfolios a proposed change would move.
Tests every new account, termination, external cash flow, size change, discretion or fee change, guideline change and composite switch against the composite's rules, reads the source documents in their original language and writes the reason in plain words.
Re-tests every exception and a 20% random sample of passes from the source records, on a different model, and sets out both readings, the source of the difference and the governing clause when it disagrees.
Recomputes asset-weighted composite returns, internal dispersion from full-year portfolios only (not shown under six) and the three-year annualized ex-post standard deviation from 36 monthly returns for composite and benchmark, and compares them with the published figures.
Drafts and refreshes GIPS composite and pooled-fund reports from signed figures: the ten-year table, the required statistics, the 23 required disclosures and a redline against the last signed version; lists every prospect who received an earlier version.
Keeps the verification binder current, answers the verifier's request list with cited evidence, pulls the sample, drafts replies to the verifier's questions and builds the export pack with an index and SHA-256 hashes.
Maker, checker, release. The agents propose; a named person decides.
Ask from the home screen, the roster, the GIPS Report or the verification list — or tell the agents what to recompute or draft. Every answer cites its source and opens the item it is about.
Why did QC-1182 leave Global Value Equity in March?
QC-1182 (Kasse Rheinfeld Versorgungswerk) was out of the composite for March 2026 only. On March 9 the client withdrew $27.1 million, instructed in a German letter of February 24. That is 14.0% of the February 28 value of $193.6 million, above the 10% significant-cash-flow level, so policy §4.3 removes it for the month and brings it back on April 1. The removal is valid, but no reason was recorded at the time, so it needs your approval.
Which items stop us being ready for the verifier on November 9?
131 of 146 requests are ready. 4 need a person: QC-1182 support (your decision on Q-26Q3-0141), the Global Small Cap release VR-088 (your approval), total firm assets reconciled to the general ledger (Diane Whitlock) and the Core Real Estate Fund NAV (waiting on the fund administrator). 11 are in progress and due before October 30. All 25 sample files are pulled.
Recompute 2024 dispersion for Global Value Equity
Recomputed: 0.44%, against 0.38% published. Two portfolios that joined on April 1, 2024 (QC-2011 and QC-2019) were in the published figure; only full-year members count. Under the error policy a dispersion change below 0.10 points is not material: it is corrected in the next GIPS Report without disclosure. The correction waits for your sign-off.
Draft the Q3 GIPS Report for Global Value Equity
Draft v2026.3 is ready: ten years 2016–2025, Q3 2026 year to date added (9.46% gross, 9.02% net, benchmark 8.21%), the 2024 dispersion corrected to 0.44% once you approve it, and all 23 required disclosures checked. Tomás Ferreira prepared it, so it needs your signature; it stays blocked until the four Global Value questions are closed.
13 screens from the working solution, on its sample data. Pick one to see it large.
The thresholds every membership event and statistic is tested against are settings. The administrator proposes a change, the GIPS Compliance Officer approves it, and history is never re-tested retroactively.
| Setting | Default | Choose from |
|---|---|---|
| Significant cash flow (firm default) | 10% of beginning-of-month value | A level you set for the firm, with per-composite overrides — Global Small Cap 15%; private markets: no cash-flow rule (money-weighted) |
| Material error: annual return change | 0.10 percentage points | A level you set; a material error needs the officer and the Head of Performance, with disclosure |
| Agents document an event on their own when confidence is at least | 0.95, with every source read ≥ 0.90 | A confidence level you set; below it, a person decides |
| Blind re-test sample of passes | 20% | A share you set — raised from 15% to 20% on October 9, with the officer's approval |
| Show internal dispersion with at least | 6 full-year portfolios | A portfolio count you set |
| Three-year standard deviation needs | 36 monthly returns | A number of monthly returns you set |
| Policy or definition change | GIPS Compliance Officer + Head of Performance · effective date only | Approval rules are set per kind of decision: membership exceptions, statistic corrections, material errors, GIPS Reports, verifier releases and settings changes |
| Questions to a person | 3 business days | An answer clock you set; overdue items escalate to the Head of Performance the next day |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (CFA Institute, gipsstandards.org — 1,600+ organizations in 54 markets claim GIPS compliance, including all of the top 25 asset managers for all or part of their business; GIPS Standards Q&A database — a corrected report discloses a material error for at least 12 months when the firm cannot tell who received the wrong one; 2020 GIPS Standards for Firms on internal dispersion and the three-year standard deviation; SEC Rule 206(4)-1, the Marketing Rule). Quillfield Capital, Hartcliffe Verification LLP, the Halden indexes and every person, client, pension plan and account named on this page are fictional — characters and sample data in the working solution.
GIPS Compliance Reporting is a GIPS compliance solution for performance teams: composites, GIPS Reports and verification. Seven agents test every composite membership move against the firm's own written policies, re-test exceptions blind, recompute internal dispersion and the three-year standard deviation, redraft each GIPS Report and keep the verifier's request list answered. People ask the agents why in plain words and see the evidence; analysts prepare and the GIPS Compliance Officer approves and signs.
The Policy agent turns your policies and procedures manual and composite definitions into rules cited to their pages. The Membership agent tests each event against them — for a cash flow, the withdrawal against beginning-of-month value from portfolio accounting — and reads the custodian statement and the client's letter as evidence. Anything undocumented, any composite switch and any source read below 0.90 confidence goes to a person.
The Statistics agent recomputes them for every composite and year from the underlying returns, as the 2020 GIPS Standards define them: internal dispersion from full-year portfolios only, not shown under six, and the three-year standard deviation from 36 monthly returns for composite and benchmark. Each difference from the published figure becomes a question with the error policy applied; the agent never overwrites a published number.
The Evidence agent maps each signed decision to the verifier's request list as the work happens, pulls the support for the verifier's sample and drafts cited replies to the verifier's questions. Its 146 lines run from the significant cash flow policy for each composite and the error correction policy with its log to the annual GIPS compliance notification form filed with CFA Institute. The verification liaison releases the evidence, the officer approves sample files and replies, and the export pack carries a signed index with a hash of every file.
The difference becomes a question with your GIPS error correction policy applied — material or not, disclosure or not. In the sample firm a 2024 dispersion change from 0.38% to 0.44% was not material, so it is corrected in the next report without disclosure. A material error needs the GIPS Compliance Officer and the Head of Performance, and the Report agent lists every prospect who received the earlier version from the CRM.
Yes. Source documents are read in their original language and shown beside the English, with the cited passage highlighted. The sample firm's documents include German, Japanese, French and Chinese.
Yes. The agents never move a portfolio, change a published figure or a policy, sign or send a GIPS Report, or release evidence to the verifier. Every approval needs a reason code and an electronic signature, nobody approves their own work, and a policy change needs two approvers and applies from its effective date only.
The Agentic Solution Engine builds and deploys it from your requirements and documents — your GIPS policies and procedures manual, composite definitions and a past year of membership decisions — and it goes live once every quality gate has passed. The agents are first backtested against a year your verifier has already accepted.
Quarterly packs out by business day 3, not day 10, each figure tied to the book of record.
1-min demoFactsheet AutomationFactsheets out on business day 3, not day 10, with every figure and disclaimer checked.
1-min demoPortfolio Commentary GenerationEvery sentence tied to its attribution figure, and PMs review in minutes, not hours.
1-min demoWe'll run GIPS Compliance Reporting on your own policies and procedures manual and a past year of composite membership.