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When we describe fiduciary duty as being process-oriented and dynamic this means that the fiduciary responsibility will be properly discharged if the manager: A. implements a process that views asset risk in isolation and updates these risk estimates on a regular basis. B. develops an investment policy statement that is suitable for the client and reviews the client's situation on a regular basis. C. implements a process that yields returns that are above average on a risk-return basis and updates the process over time. |