Jonathan Boersma has been working hard to standardize the quantification of investment risk as the chief overseer of the CFA Institute’s Global Investment Performance Standards — voluntary ethical principles known as GIPS. His next task: getting investment firms to start reporting it. And not just traditional asset managers, mind you; Boersma is also taking on the trickier challenge of getting hedge fund, private equity and real estate firms to adopt the reporting standard.

Boersma shepherded the creation of new risk standards last year. But they are only now coming onto the radar of investment firms, as they complete their annual GIPS compliance exercise — preparing standardized reporting documents for dissemination to institutional investors and investment consultants.

Between 85 percent and 95 percent of investment firms across the globe use GIPS, first developed 25 years ago, to report on their investment activities. Alternative investment managers have been slower to take them up. That is changing, says Boersma, as hedge funds and others look to make themselves more attractive to pension fund and other big investors.