FLAME
Florida Asset Manager Evaluation
ABOUT THE FLAME SYSTEM
The Operational Due Diligence (ODD) Team of the SBA began using the FLAME system in 2017 to collect certifications and documentation from all of our external investment managers.
In an effort to streamline our annual certification process and collect data more efficiently, this Internet-based system was created by the State Board of Administration
and is now available to collect your responses to our annual certification questionnaire. In addition, this system has the capability to upload documents electronically instead
of sending information via email.
Annually, the SBA will require one annual certification from each manager even if the manager invests SBA funds across multiple asset classes/strategies. Collection of the annual certification questionnaires and documents will now take place in April of each year for all managers. The certification period will be January through December each year for all managers of the SBA. You will receive an email from the ODD Team in April of each year as a reminder that your certification responses are due by May 31st.
Documents collected include:
- Audited Financial Statements
- SEC Form ADV
- SEC Rule 206 (4)–7 Compliance Review
- Code of Ethics
- SSAE 18s/SOC Reports
- Business Continuity/Disaster Recovery
- Firm Due Diligence Questionnaires
- “Life of Trade” Flowcharts
- Valuation Policy
- Critical Third-Party Service Providers - Please include the names of the following providers, where applicable:
- Administrator
- Custodian
- Outsourced IT
- Outsourced Compliance
- Auditor
- Portfolio Management, Operations, & Compliance Organizational Charts