Founded in 1994 by Professor Howard Schilit, CFRA, now part of RiskMetrics Group, is the global leading forensic accounting research provider. Our team of 27 experienced analysts provide a comprehensive combination of forensic accounting as well as legal research to help long-term investors identify and manage potential negative alpha risks on a timely basis. With one of the deepest research teams in independent research, we offer a broad platform of qualitative and quantitative research, as well as global custom research to ensure greater coverage of risks likely to impact investors. Analyst contact is a key component of our service, as our analysts’ insights extend well beyond our published research.

• Biggest Concerns: The “Biggest Concerns List” consists of our recommendations of stocks to avoid owning. The concerns are outlined due to quality of earning, revenues, cash flow or other financial metrics, pointing to operational deterioration not recognized by investors. As a group, the BC list has consistently underperformed relevant benchmarks.
• Research Notebook: Raw notes, findings & observations highlighting companies that have some accounting issues – but the findings themselves do not warrant addition to the biggest concerns list.
• Industry/Thematic Research: We regularly publish industry research to highlight which companies appear to be flattering key metrics or facing hidden/underappreciated risks. We also publish thematic pieces on how accounting rule changes will impact companies balance sheets .
• Custom Projects: Using our proven research methodology we can perform custom projects to support client-specific needs, ranging from rapid response "diagnostic" reviews to deep-dive forensic financial statement analysis of companies.
• Legal Research: Speak with us on stock moving legal news and decisions. This research identifies potential mispricings related to crisis events, major litigation or regulatory events.

RiskMetrics' CFRA is engineered to uncover hidden, under-appreciated, or misunderstood risk in the markets. Though an exception-based and forensic accounting methodology, we highlight what the sell-side has overlooked or what investors have not yet priced in. The service includes:

• Analyst Interaction: Clients are provided with unlimited access to our analysts to discuss our reports and answer any questions.
• Biggest Concerns: The “Biggest Concerns List” consists of our highest conviction ideas. As a group, the BC list has consistently underperformed relevant benchmarks.
• Research Notebook: Raw notes, findings & observations highlighting companies that have some accounting issues - but the findings themselves do not warrant addition to the biggest concerns list.
• Industry/Thematic Research: We regularly publish industry research to highlight which companies appear to be flattering key metrics or facing hidden/underappreciated risks. We also publish thematic pieces on how accounting rule changes will impact companies balance sheets.
• Custom Projects: Using our proven research methodology in CFRA our custom projects support client-specific needs, ranging from rapid response "diagnostic" reviews to deep-dive forensic financial statement analysis of companies.
• Legal Research: "Legal Edge" aims to give clients perspective and opinion on binary events and real-time intelligence by attending in-person legal & regulatory events.

RiskMetrics Group provides a unique research suite for Arbitrage/Event Driven Investors. Clients have access to RiskMetrics' powerful "M&A Edge" Research and (ISS) vote recommendations for high-profile M&A, Proxy Contests, and Tender Offers. Additionally, RiskMetrics’ “Legal Edge” solution identifies potential mispricings related to crisis events, major litigation or regulatory events. With a focus on favorable risk-adjusted setups, Legal Edge aims to give clients perspective and opinion on binary events and real-time intelligence by attending in-person legal & regulatory events.

Event-driven and arbitrage investors (capital structure, merger arbitrage, volatility arbitrage, et al) will find RiskMetrics insights helpful into the likelihood, timing, and magnitude of outcomes.