Freedom within a Framework: Governing Portfolio Decisions during Regime Shifts
提出一个治理框架，帮助机构在体制转变时采用整体投资组合方法，通过预承诺的治理智能合约自动调整约束和监督，确保决策规则一致、可审计，适合资产管理者应对模型失效风险。
This article introduces a governance framework to support institutions adopting the Total Portfolio Approach (TPA), a unified perspective that allocates capital based on overall portfolio impact rather than asset class silos. The framework addresses a critical tension: TPA requires forward-looking judgment precisely when traditional models are most vulnerable, namely during regime shifts. To manage this, the article proposes a pre-committed governance smart contract embedded in policy documents. It specifies how constraints, oversight, communication cadence, and decision rights adjust automatically as uncertainty increases. The framework integrates robust estimation, regime diagnostics, and adaptive decision rights to ensure consistent, auditable responses when model reliability deteriorates. Rather than improving prediction, it strengthens stewardship by keeping decisions rule-based, coherent across mandates, and behaviorally resilient for clients.