Watch out fund firms, the risk rating you get from the SEC might not be on target. In today's Wall Street Journal Fund Track column, Judith Burns writes that a new GAO report has found that the SEC often overstated and understated the risk for firms, often having to reclassify the firm's risk after further investigation. The new system, put in place after the Spitzer scandals, often doesn't capture how effectively the fund firms are at mitigating risks, sometimes misses risks altogether, and that SEC investigators did not communicate very well with fund companies. 

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