Kevin Fine, CalPERS chief compliance officer, told the Board of Administration on Sept. 17 that the agency has advanced a series of compliance modernization efforts aimed at reducing manual work and improving disclosure accuracy.

Fine said the enterprise compliance and risk group (ECRG) implemented new technology and automated data feeds between February 2023 and September 2024 to reduce manual processes. "We implemented a new technology vendor and automated data feeds to reduce manual processes and improve data integrity," he said, adding the new systems now monitor more than 3,000 trades across roughly 1,200 accounts in fiscal year 2024–25.

The update summarized several program changes: deployment of a personal-trade monitoring platform and corporate-tree search rules to improve restricted-list oversight; a gifts-and-entertainment attestation module introduced in October 2023; strengthened Form 700 administration; a formal outside-business-activities process that launched in July 2025; and enhanced onboarding and training for covered persons.

Why it matters: Fine said the changes are intended to free staff from routine tasks so compliance can focus on risk-based advice and assurance. He told the board the team is working to convert those program outcomes into meaningful metrics for the monthly compliance report.

Key facts and metrics reported by Fine:
- The personal-trading monitoring program covered more than 3,000 trades across about 1,200 accounts in fiscal year 2024–25.
- The gifts-and-entertainment module achieved about 90% on-time monthly attestations after its October 2023 launch and generated roughly 270 inquiries related to gifts, travel and conferences in fiscal 2024–25.
- The outside-business-activities initiative launched July 2025; a soft launch occurred in January 2025.
- Since June 2022, ECRG completed over 3,000 Form 700 reviews; enhanced review processes reduced amendment requests by approximately 70% since 2021.
- Onboarding sessions numbered about 400 (including roughly 250 pre-hire compliance discussions).
- The ECRG annual compliance risk survey for FY 2024–25 returned a 95% positive response rate, and recent year metrics included 99.75% of Form 700 submissions on time and 99.81% completion of mandatory trainings.

Board members asked for clarity on how the board will measure progress. Board member Frank Ruffino congratulated the team and asked how trustees will see indicators of maturity; Fine said staff are identifying usable metrics and will add them to reporting when they reliably "tell a story" about compliance condition. Board member Jose Luis Pacheco asked whether the transition of filing responsibility for directors to the Secretary of State changed CalPERS’ review role; Fine said CalPERS will continue to perform a 100% review of Form 700 filers and advise board members where amendments appear necessary, despite no longer acting as the filing officer.

Fine closed by summarizing the program goal as providing "clear advice, guidance and oversight to reinforce compliance with CalPERS financial disclosure requirements," and he said the team will return with updated metrics as they mature.

The presentation did not include a formal board vote or direction on new policy; the risk and audit committee later recorded "no direction."