Abstract
One of the primary duties of an endowment board is to articulate and maintain the institution's Investment Poicy Statement (IPS), which serves as the defining enunciation of the instituton's investment philosophy, objectives, and policies. In the IPS the board will address time horizon, asset mix, investment manager criteria, performance measurement targets, social policy constraints, and investment risk. This necessitates the board's corporate engagement in the exploration of the meaning of risk within the context of the institution.
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