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CalPERS committee approves enterprise compliance, risk and governance annual plan
Summary
CalPERS’ risk and audit committee approved the enterprise compliance, risk and governance annual plan, which emphasizes people, processes and technology, aims to strengthen conflicts-of-interest governance and expands a compliance liaison program. A public commenter urged stronger, measurable action steps before approval.
Cammy Knee Bank, deputy chief compliance officer, presented CalPERS’ Enterprise Compliance, Risk and Governance annual plan for fiscal 2026–27, saying the program will focus on people, processes and technology to mature and strengthen the system’s ability to identify, manage and mitigate compliance and ethics risks.
Knee Bank told the committee the organization has closed its compliance technology implementation and will shift to building governance, oversight and program management. The plan details three multi‑year initiatives: (1) assess and report risk, including rollout of risk and control self‑assessments and piloting a regulatory change management framework; (2) minimize risk through stronger assurance, monitoring and incidents remediation and by formalizing conflicts‑of‑interest policy; and (3) educate and cultivate an ethical, risk‑intelligent culture through training and a compliance and risk liaison ("CARL") network.
Directors asked about near‑term risks from emerging technologies such as generative AI. Presenters said CalPERS is engaging information‑security staff and external experts and is actively considering AI in its information‑security and risk frameworks.
Public commenter JJ Galinsk (RPA) urged the committee to reject the plan, saying it lacks measurable action steps and accountability. After discussion, the committee moved and approved the plan by roll call.
The committee’s approval advances staff’s work to formalize control ownership, enhance conflicts‑of‑interest governance and expand program‑level compliance partnerships. Staff said performance reporting and quarterly status updates will track changes and any modifications to the plan will be communicated to the committee.
The committee approved the plan and recommended its adoption by the board; the action will be reflected in quarterly oversight reports and subsequent status updates.
