On September 6, 2023, the SEC Division of Examinations (Division) issued a risk alert (Risk Alert) providing SEC-registered investment advisers with additional information about the Division’s examination selection process, as well as the documents and information typically included in the staffs’ initial requests. Although SEC risk alerts usually highlight commonly observed issues in examinations and areas of increasing SEC focus, the recent Risk Alert is an informative resource that will help investment advisers prepare for examinations. This article summarizes the Risk Alert and offers insights from industry experts on its parameters and suggestions. The article also provides a checklist created from the Risk Alert that fund managers can use to assess their current preparedness for an SEC examination. For coverage of other recent SEC risk alerts, see “With LIBOR Cessation Date Looming, SEC Risk Alert Details Preparedness Efforts” (Jun. 15, 2023); and “SEC Risk Alert Emphasizes Need for Newly‑Registered Advisers to Hit the Ground Running With Their Compliance Programs” (May 18, 2023).