EPR Fourth Quarter Report: Key Performance Indicators .

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Fourth Quarter Report - Key Performance Indicators Page 1 of 131EPR Fourth Quarter Report: Key Performance Indicators Summary DashboardIn addition to the strategic side of the house, we also have the operational side which is represented by our KeyPerformance Indicators (KPIs). The KPIs are the third component of our Enterprise Performance Reportingstructure and serve as a collection of performance indicators that measure and monitor the effectiveness of ourefforts at the operational level.The Key Performance Indicators Summary Dashboard provides a brief synopsis of how all 64 KPIs areperforming for the fourth quarter (April 1, 2021 – June 30, 2021). Additional performance details can be foundon the summary sheets for each KPI. Informational KPIs are non-performance driven.Third Quarter KPI Performance: 25 On-Target1 At-Risk4 Off-Target23 Pending Refresh7 Informational4 Closed Session itemThe Key Performance Indicators Summary Dashboard also provides trend analysis data that capturesperformance from year three (FY 2019-20). A visual depiction of all KPIs can be found on the EnterpriseOperations Map.Status KeyOn-TargetAt-RiskOff-TargetPending RefreshData Not AvailableUnder Development

Fourth Quarter Report - Key Performance Indicators Page 2 of 131Enterprise Performance Reporting – Fourth Quarter ReportCalPERS 2020-21 Key Performance ationalN/A20Produce CAFR with no ationalInformationalN/A21Reliable Steward of FundsGASB 68 reports completedtimely(FY 2019-20)PageNumberPercent forecast to actualexpenses (annually)22Maintain appropriate reservelevels – California employers’retiree benefit trust fund24Maintain appropriate reservelevels – long term care fund26Maintain appropriate reservelevels – defined benefit fund28Stay within risk boundaries fortotal fund30Aggregate risk levels of theINVO operating model (TOM)32Strategic asset allocationranges (if outside approvedranges)34Adequate liquidity coverage36

Fourth Quarter Report - Key Performance Indicators Page 3 of 131Reliable Steward of dAnalysis(FY 2019-20)PageNumberCash forecasting accuracy38Generate liability data and ratesfor pension funding – publicagency40Generate liability data and ratesfor long-term care program41Generate liability data and ratesfor pension funding – state42Generate liability data and ratesfor pension funding – schools43

Fourth Quarter Report - Key Performance Indicators Page 4 of 131Customer Satisfaction Trend Analysis(FY 2019-20)PageNumberCustomer satisfaction44Benefit payment accuracy46Benefit payment timeliness48Health plan scorecard of 90% orbetter50Customer inquiry timeliness52Public agency retention54Public agency recruitment56Self-reported overall health statusNew forFY 2020-2158Opioids – DoseNew forFY 2020-2160C – section rateNew forFY 2020-2162

Fourth Quarter Report - Key Performance Indicators Page 5 of 131Open and StatusTrend Analysis(FY 2019-20)PageNumberPercent of employer participationin CalPERS annual educationalforum64Member education satisfaction66Employer education satisfaction68Member rating on stakeholderperception survey70Employer rating on stakeholderperception survey10Stakeholder rating on stakeholderperception survey12Community outreach efforts72Member, employer andstakeholder rating on perceptionsurvey14

Fourth Quarter Report - Key Performance Indicators Page 6 of 131Efficient & tusTrendAnalysis(FY 2019-20)Project portfolio healthPageNumber74ITSB service performanceNew forFY 2020-2177Timely resolution of employerreviewsRevised forFY 2020-2116Form 700 completed timely79Mandated training compliance81Personal trading monitoring83Ensure evacuation readiness86Business continuity readinessLean ormationalN/A88Revised forFY 2020-2118

Fourth Quarter Report - Key Performance Indicators Page 7 of 131Efficient & EffectiveOrganization ysis(FY 2019-20)PageNumberEmployers current on CalPERShealth obligations90Employers current on CalPERSpension obligations92Member self-service fraudresulting in financial essionClosedSession94Unauthorized member selfservice account edSessionClosedSession95Time to detect cyber sionClosedSessionClosedSession96Reportable privacy losedSessionClosedSession97Small business requirementscompliance98Disabled veterans businessenterprise requirementscompliance100Solicitation, contract,amendment, and purchase orderservice level compliance102

Fourth Quarter Report - Key Performance Indicators Page 8 of 131Supportive & rendAnalysis(FY 2019-20)PageNumberTeam member perception ofleadership – managerrelationships104Health of enterpriseperformance reportingframework107Operational rmationalInformationalN/A109

Fourth Quarter Report - Key Performance Indicators Page 9 of 131Team endAnalysis(FY 2019-20)Average time to hire for hardto-recruit positionsRetention tionalInformationalN/A112Recognition perceptions113Employee empowermentperceptions116Team member perception ofgrowth and development119Response rate of employeeengagement survey122Emerging leader rmationalN/A125100% of all ideas responded towithin 120 days12680% of all viable ideasimplemented as scheduled128Our promise and annual formationalN/A130

Fourth Quarter Report - Key Performance Indicators Page 10 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Employer Rating on Stakeholder Perception SurveyExecutive Owner:Outcome Measure:Brad PachecoOpen & Transparent CommunicationCore Process:Listening & InformingStatus:Numeric Status:Off-Target79.34Description:The Stakeholder Perception Survey is administered every year to employers at manydifferent levels from the public agency, State, and school employers that make up theSystem. The KPI is based on responses to the following question; “Does CalPERS do agood job of keeping employers informed”. This question provides the clearest insight intoour employers’ perception of CalPERS’ efforts towards communicating across allchannels, including in-person, via phone, employer bulleting, circular letters, andoutreach meetings.Baseline:The baseline for this measure is 82.1% of members answering “yes” to the question“Does CalPERS do a good job keeping employers informed?” The baseline wasestablished from the score in the survey administered in January 2017, with resultsreporting to the Board in May 2017.Target:Increase score by 3 percentage points from baseline of 82.1% to 85.1% in five years, withan average 0.6 percentage point increase per year. The survey will be administered everyJanuary, to provide a fair and consistent interval between data periods.Refresh Frequency:Annually, JuneReporting Range:04/2020 – e meets or exceeds target increase of 0.6% from the baseline figureeach yearScore remains the same or increases by less than 0.6% from the baselinefigure each yearScore decreases from the baseline figureStatus Narrative:The primary reasons for the Off-Target status for this KPI is concern with increasing employer contributioncosts; perception that we have a different message to employers than to members on investment risk andemployers’ ability to pay; perception that CalPERS is too inflexible in making determinations on independentcontractors; steady increases health care costs to members and employers year over year. Our plan to addressthese concerns are to continue to improve engagement with employers through email, circular letters,outreach, conferences, briefings, and webinars.

Fourth Quarter Report - Key Performance Indicators Page 11 of 131Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 12 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Stakeholder Rating on Stakeholder Perception SurveyExecutive Owner:Outcome Measure:Brad PachecoOpen & Transparent CommunicationCore Process:Listening & InformingStatus:Numeric Status:Off-Target66.67Description:The Stakeholder Perception Survey is administered every year to a list of the 75stakeholder leaders with whom CalPERS is most closely engaged. These stakeholdersrepresent members, employers, retirees, private sector business, the Legislature, peerpension funds, and business partners. The KPI is based on responses to the followingquestion: "Does CalPERS do a good job of keeping stakeholders informed". This questionprovides the clearest insight into our stakeholders' perception of CalPERS' efforts tocommunicate and be responsive.Baseline:The baseline for this measure is 69% of surveyed stakeholders answering "yes" to the tothe question "Does CalPERS do a good job keeping stakeholders informed?" The baselinewas established from the score in the survey administered in January 2017, with resultsreported to the Board in May 2017.Target:Increase score by 3 percentage points from baseline of 69% to 72% in five years, with anaverage 0.6 percentage point increase per year. The survey will be administered everyJanuary, to provide a fair and consistent interval between data periods.Refresh Frequency:Annually, JuneReporting Range:04/2019 – re meets or exceeds target increase of 0.6% from the baseline figureeach yearScore remains the same or increases by less than 0.06% from the baselinefigure each yearScore decreases from the baseline figureStatus Narrative:This KPI is Off-Target for the year and reflected the lowest score in the past 4 years. One factor that may have impactedthis score is that the entire cohort consists of just 75 people – and only 35 replied to the survey. With such a smallpopulation, even a small dip in the rating of one question can create a large downturn in final rating and cause quite a bitof volatility year to year. The steps to help improve scores are to continue to improve early and frequent communicationswith stakeholders; demonstrate and amplify our work as an agent for change in the area of health care costs; and enliststakeholders as allies.

Fourth Quarter Report - Key Performance Indicators Page 13 of 131Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 14 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Member, Employer, & Stakeholder Rating on Perception SurveyExecutive Owner:Outcome Measure:Brad PachecoOpen & Transparent CommunicationCore Process:Brand ReputationStatus:Numeric Status:Off-Target5.61Description:The Stakeholder Perception Survey is administered every year to members (active,inactive, and retired), employers of all levels, and stakeholder leaders. The KPI is basedon responses to the following survey question: "My overall perception of CalPERS ispositive". Respondents are asked to indicate their agreement on a scale ranging fromStrongly Agree (7) to Strongly Disagree (1). Each response is assigned a numerical value,as follows:Strongly Agree: 7Agree: 6Somewhat Agree: 5Neither Agree nor Disagree: 4Somewhat Disagree: 3Disagree: 2Strongly Disagree: 1The combined average score from all of these segments offers the clearest insight intothe overall brand reputation of CalPERS.Baseline:The baseline for this measure is a score of 5.65, out of a possible 7, which is roughlybetween "Somewhat agree" and "Agree". The baseline was established from the resultsof the Stakeholder Perception Survey, administered in January 2017, with resultsreported to the Board in 05/2017.Target:Increase score by 5% (0.28) to 5.93 in five years, with an average increase of 0.056 pointsper yearRefresh Frequency:Annually, JuneReporting Range:4/2020 – e meets or exceeds target yearly increase of 0.056 from the baselinefigure each yearScore remains the same or increases by less than 0.056 from the baselinefigure each yearScore decreases from the baseline figure

Fourth Quarter Report - Key Performance Indicators Page 15 of 131Status Narrative:This KPI declined from last year, dropping from 5.66 to 5.61 and is Off-Target. It is difficult to isolate the primaryreason for this sentiment, but it is most likely related to CalPERS costs. We will work to incrementally raisescores by continuing a diligent and disciplined engagement, outreach, and communication plan with allstakeholders, particularly the employers. We also plan to continue to communicate early and often withstakeholders; emphasize that we have one consistent message for all stakeholder; explain the rationale fordecisions, especially unpopular ones; and demonstrate and highlight our work as an agent for change andinnovation in the area of health care costs, access, and quality.Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 16 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Timely Resolution of Employer ReviewsExecutive Owner:Outcome Measure:Anthony SuineEfficient & Effective OrganizationCore Process:Compliance & Managing RisksStatus:Numeric Status:Off-Target51%Description:Timely resolution of Employer Reviews ensures compliance with CalPERS AuditResolution Policy of closing observations within 12 months of issuance.When a final Employer Review audit report is issued, the appropriate program areas haveup to 12 months to assist the agency into gaining compliance with Public Employees’Retirement Law (PERL) and its contract with CalPERS. This measure supports the AuditCompliance & Resolution Process established in 2017 to hold employers accountable toresolving findings in a timely manner.Baseline:As of June 30, 2020 it was 83%Target:80% of Employer Review Observations closed within 12 monthsRefresh Frequency:QuarterlyReporting -Risk:Off-Target:70% and above60% - 69%59% and belowStatus Narrative:Although this KPI is off-target for the reporting period, we have achieved a 98 percent reduction in thenumber of open Employer Review Observations, with only 3 observations remaining in total, and are on trackto be 100 percent resolved by December 31.We resolved 35 observations in quarter 4, 17 of which were aged less than 12 months, 18 of which were agedin excess of 12 months. The three remaining observations in CSS are all newly aged at 13 months and we areworking diligently with our employers to resolve these outstanding observations. Despite operating in apandemic year when employers were faced with overwhelming operational challenges in carrying out theirmission-critical responsibilities, we were able to successfully collaborate with them and nearly eradicated ourtotal inventory of open observations.

Fourth Quarter Report - Key Performance Indicators Page 17 of 131Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 18 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Lean AdoptionExecutive Owner:Outcome Measure:Doug HoffnerEfficient & Effective OrganizationCore Process:Compliance & Managing RisksStatus:Numeric Status:At-Risk3.0Description:Lean is a continuous business process improvement approach to reduce waste andincrease value to customers. This KPI measures factors that impact the adoption of Lean,including training participation, leadership support, team engagement, Lean practice andapplication, strategic alignment, and process improvement results.As Lean continues to expand throughout the organization, we may identify additionalfactors to further measure adoption.Baseline:As of June 2020, the overall adoption score was 2.9 out of 5.0.Target:Overall adoption score of 3.3 by June 30, 2022Refresh Frequency:Semi-Annually, Quarter 2 and Quarter 4Reporting Range:1/1/21 – 6/30/21Thresholds:On-Target:At-Risk:Off-Target:At or above 0.1 increase in overall adoption score per 6 monthsNo increase in overall adoption score per 6 monthsDecrease in adoption score per 6 monthsStatus Narrative:The Lean Adoption score is unchanged from December 2020. CalPERS continues to train the enterprise in Leanfundamentals and nearly 61% of CalPERS team is trained. Various areas across the enterprise have shared theirexperiences with process improvements and there is an increase in team members who understand howprocess improvements align with CalPERS strategic and operational goals. However, respondents indicatingparticipation in a process improvement effort and participation in the CalPERS Lean Community of Practicedecreased from the Quarter 2 responses. As leadership support of Lean has remained stable, CalPERS willcontinue to encourage team leaders to champion Lean adoption and will further market Lean successes toincrease team engagement and build a stronger Lean community.

Fourth Quarter Report - Key Performance Indicators Page 19 of 131Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 20 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:GASB 68 Reports Completed Timely - INFORMATIONALExecutive Owner:Outcome Measure:Scott TerandoReliable Steward of FundsCore Process:Accounting for FundsStatus:Numeric Status:Not applicable as KPI is InformationalN/ADescription:Each year, public agencies and state entities are required to disclose their fiduciary netposition based on their pension plan data. The Actuarial Office (ACTO) creates thesereports each year with the cooperation of the Financial Office (FINO).Baseline:All reports completed by DecemberTarget:Produce accounting valuation reports for all public agency plans as well as reports forState, School, Judges Retirement systems 1 and 2, and the legislators’ retirement systemRefresh Frequency:Annually, DecemberSeptember for plans belonging to a risk pool, schools pool, and JRS, LRS, and JRS 2,October for stat and December for plans that are stand aloneReporting Range:Measurement date 6/30/2020, based on demographic experience during the 2018-19fiscal year rolled forward one-year, economic experience through the measurement dateThresholds:Not applicable as KPI is InformationalStatus Narrative:As of December 2020, the GASB Liabilities were generated on time.

Fourth Quarter Report - Key Performance Indicators Page 21 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Produce Comprehensive Annual Financial Report (CAFR) with no MaterialWeaknesses - INFORMATIONALExecutive Owner:Outcome Measure:Michael CohenReliable Steward of FundsCore Process:Accounting for FundsStatus:Numeric Status:Not applicable as KPI is InformationalN/ADescription:Produce the CAFR with no material weaknesses reported by the external auditors.Baseline:Each year the CAFR is produced with new requirements and data. To date no materialweaknesses have been reported or identified.Target:Zero material weaknesses, with no acceptable variance.Refresh Frequency:Annually, NovemberReporting Range:FY 2019-2020Thresholds:Not applicable as KPI is InformationalStatus Narrative:The CAFR was produced and released in November 2020 with no material weaknesses reported by the externalauditors.

Fourth Quarter Report - Key Performance Indicators Page 22 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Percent Forecast to the Actual Expenses (annually)Executive Owner:Outcome Measure:Michael CohenReliable Steward of FundsCore Process:Accounting for FundsStatus:Numeric Status:Pending Refresh (in December 2021)9.5% (as of December 2020)Description:The percentage of forecast to actual expenses will measure how closely theorganization’s ability to adequately project future expenses. Actual expenses excludeinvestment external management fees.Baseline:6.1% below total budget for FY 2017-18Target:Accuracy at or below 10% of total budgetRefresh Frequency:Annually, DecemberReporting Range:FY uracy at or below 10 % of total budgetAccuracy at or below 10.1% – 15 % of total budgetAccuracy at or below 15.1 % of total budgetStatus Narrative:As of November 2020, data reflects this KPI was On-Target at 9.5% below the total budget.*Total expenditures reported in the Fiscal Year 2019-20 Year-End Expenditure Report reflected an overallexpenditure level of 15% below the total budget. This percentage included external management fees.

Fourth Quarter Report - Key Performance Indicators Page 23 of 131Performance Trend Chart:Percent Forecast to the Actual Expenses (annually)109.586.15.86420201820192020% below total budgetBaselineOn-TargetTargetTrendline

Fourth Quarter Report - Key Performance Indicators Page 24 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Maintain Appropriate Reserve Levels- California Employer’s Retiree BenefitTrust FundExecutive Owner:Outcome Measure:Michael CohenReliable Steward of FundsCore Process:Accounting for FundsStatus:Numeric Status:On-Target100%Description:Treasury Management (TM) reserves are established to ensure the payment of memberbenefits and other obligations without interruption while optimizing the use of fundassets. A TM Reserve is defined as liquid assets dedicated to the payment of memberbenefits and other obligations during a stressed or crisis event. The TM reserves aredocumented in the TM Reserve Policy and reviewed annually. The California Employers’Retiree Benefit Trust Fund (CERBT) has a reserve requirement to prefund monthly benefitpayments by 5 business days.Baseline:The baseline is 100% since reserve targets were met in FY2017-18Target:The target is to comply with the Treasury Management Reserve Policy and meet 100% ofreserve targetsRefresh Frequency:QuarterlyReporting Range:4/1/21 – % of reserve targets were met98% to 99% of reserve targets were metLess than 97% of reserve targets were metStatus Narrative:100% of reserve targets were met during the 4th quarter of FY 2020-21.

Fourth Quarter Report - Key Performance Indicators Page 25 of 131Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 26 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Maintain Appropriate Reserve Levels - Long-Term Care FundExecutive Owner:Outcome Measure:Michael CohenReliable Steward of FundsCore Process:Accounting for FundsStatus:Numeric Status:On-Target100%Description:Treasury Management (TM) reserves are established to ensure the payment of memberbenefits and other obligations without interruption while optimizing the use of fundassets. A TM Reserve is defined as liquid assets dedicated to the payment of memberbenefits and other obligations during a stressed or crisis event. The TM reserves aredocumented in the TM Reserve Policy and reviewed annually. The Long-Term Care Fundhas a TM reserve equal to one month’s coverage of expected program obligations.Baseline:The baseline is 100% since reserve targets were met in FY2017-18.Target:The target is to comply with the Treasury Management Reserve Policy and meet 100% ofreserve targets.Refresh Frequency:QuarterlyReporting Range:4/1/21 – % of reserve targets were met98% to 99% of reserve targets were metLess than 97% of reserve targets were metStatus Narrative:100% of reserve targets were met during the 4th quarter of FY 2020-21.

Fourth Quarter Report - Key Performance Indicators Page 27 of 131Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 28 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Maintain Appropriate Reserve Levels - Defined Benefit FundsExecutive Owner:Outcome Measure:Michael CohenReliable Steward of FundsCore Process:Accounting for FundsStatus:Numeric Status:On-Target100%Description:Treasury Management (TM) reserves are established to ensure the payment of memberbenefits and other obligations without interruption while optimizing the use of fundassets. A TM Reserve is defined as liquid assets dedicated to the payment of memberbenefits and other obligations during a stressed or crisis event. The TM reserves aredocumented in the TM Reserve Policy. This policy is reviewed annually. The followingdefined benefit funds have reserves established: Public Employees’ Retirement Fund- Prefund monthly benefit payments by 5business days Legislators’ Retirement Fund- TM reserve equal to two months coverage ofbenefit payments and program obligations Judges’ Retirement Fund- TM Reserve equal to two-month coverage of memberbenefit payments and program obligationsBaseline:The baseline is 100% since reserve targets were met in FY 2017-18Target:The target is to comply with the Treasury Management Reserve Policy and meet 100% ofreserve targetsRefresh Frequency:QuarterlyReporting Range:4/1/21– % of reserve targets were met98% to 99% of reserve targets were metLess than 97% of reserve targets were metStatus Narrative:100% of reserve targets were met during the 4th quarter of FY 2020-21.

Fourth Quarter Report - Key Performance Indicators Page 29 of 131Performance Trend Chart:

Fourth Quarter Report - Key Performance Indicators Page 30 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Stay Within Risk Boundaries for Total FundExecutive Owner:Outcome Measure:Dan BienvenueReliable Steward of FundsCore Process:Managing InvestmentsStatus:Numeric Status:Pending Refresh (in September 2021)1.05% (for FY 2019-20)Description:Forecast tracking error is the difference in risk between a managed portfolio andbenchmark, measured as the annualized standard deviation (1-yr) of the differentialreturn between the portfolio and an equal investment in the benchmark. This KPIprovides a method to evaluate staffs’ effectiveness to manage investments within theapproved risk boundaries.Baseline:As of June 30, 2017, the active tracking error is 0.5%.Target:Target is to remain within approved risk boundaries (policy limit) for Total Fund. TheCalPERS Total Fund is managed with policy maximum limit of 1.5% tracking error,inclusive of active asset allocation and other active management decisions.Refresh Frequency:Annually, SeptemberReporting Range:FY 2019-20Thresholds:On-Target:At-Risk:Off-Target:0 % to 1.41%1.42% - 1.49%Greater than 1.50%Status Narrative:As of June 2020, this KPI was reported as On-Target.Active tracking error is at 1.05%, per Quarterly Update on Performance and Risk as of July 1, 2020 presented atthe September Investment Committee.

Fourth Quarter Report - Key Performance Indicators Page 31 of 131Performance Trend Chart:Stay Within Risk Boundaries for Total Fund3.51.51.411.05-0.50.50.5201820192020% effectivness to manage investments with approval risk boundariesBaselineOn-TargetTargetTrendline

Fourth Quarter Report - Key Performance Indicators Page 32 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Aggregate Risk Levels of the INVO Operating Model (TOM)Executive Owner:Outcome Measure:Dan BienvenueReliable Steward of FundsCore Process:Managing InvestmentsStatus:Numeric Status:Pending Refresh in (September 2021)4 (for FY 2019-20)Description:The Target Operating Model (TOM) defines functions and sub-functions that captureoperational activities within the Investment Office and is used to report and trackoperational risk over time. The new TOM Dashboard, which was presented to theInvestment Committee in December 2017, includes more industry aligned sub-functionsand added functions to represent CalPERS stakeholders and corporate engagementactivities, with the total number of sub-functions reduced from 46 to 24. Measuring therisk level of the TOM is the aggregated risk assessment scores of each sub-function. Therisk assessment, measurement, and reporting process are designed to turn rawoperational risk data into information that supports management’s decision-makingprocess. The reported risk levels are used to prioritize resource and technology effortson critical functions impacting Total Fund risk and return. The Investment Complianceand Operational Risk (ICOR) team assesses risk levels of each sub-function on a rollingannual basis.Baseline:As of July 2018, the risk assessment score is 4.Target:Aggregate assessed risk score of operating model (TOM) of 5 or less.Refresh Frequency:Annually, SeptemberReporting Range:FY 6-78-10Status Narrative:As of June 2020, this KPI was On-Target with a score of 4, with the score unchanged at fiscal year-end.Increased risk-levels in Portfolio Construction – Public Markets and Investment Accounting & Custody subfunctions were offset with decreases in Risk Management and Valuation & Pricing sub-functions. The remainingassessed sub-functions yielded no change in risk levels.

Fourth Quarter Report - Key Performance Indicators Page 33 of 131Performance Trend Chart:Aggregate Risk Levels of the INVO Operating Model (TOM)65444420182019202020Risk Assessment scoreBaselineOn-TargetTargetTrendline

Fourth Quarter Report - Key Performance Indicators Page 34 of 1312020-21 Key Performance Indicator Summary (Quarter 4)KPI Title:Strategic Asset Allocation Ranges (if outside approved ranges)Executive Owner:Outcome Measure:Dan B

The Key Performance Indicators Summary Dashboard provi des a brief synopsis of how all 64 KPIs are performing for the fourth quarter (April 1, 2021 – June 30 , 2021). Additional performance details can be found on the summary sheets for each KPI. Informatoi na KPIs are non -performance driven. Third Quarter KPI Performance: 25 On-Target

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