The SEC Division of Examinations (Division) recently issued a risk alert (Risk Alert) outlining its examination selection process for registered investment advisers. Those advisers represent a diverse group that includes small firms and global asset managers and serve diverse clientele, participate in a broad scope of activities and oversee a wide range of assets under management. The number of SEC-registered investment advisers has grown in recent years, and the Division examines approximately 15 percent of them each year, employing a risk-based approach for selecting both the advisers to examine and risk areas for examination. This article summarizes the Risk Alert, including how the Division selects advisers to examine, focus areas to concentrate on and documents to request, with insights from Benjamin Kozinn, partner in the investment management practice at Schulte Roth & Zabel LLP; and Valerie Ruppel, practice lead at Bovill and former SEC examiner. A checklist of initial documents typically requested by the Division is also included. See “Key Compliance Issues for Advisers and Funds Arising From the SEC’s 2022 Exam Priorities (Part One of Two)” (Jan. 19, 2023).