Mobile devices, such as smartphones and tablet computers, have significantly enhanced the abilities of hedge fund managers and their personnel to conduct business more effectively and efficiently by, among other things, facilitating performance of job functions outside of the office. These productivity gains, however, come at a cost. The ability to remotely access firm networks and information via mobile devices magnifies the risk of losing control over access to firm information and systems. This loss of control can, in turn, create additional perils, most notably, security concerns for hedge fund managers who closely guard any informational advantage they have over competitors. Additionally, this loss of control may heighten risks that a firm’s network is compromised, which can cause significant damage to a firm’s operations. Therefore, it is imperative that hedge fund managers keep up with the ever-growing risks that arise from the rapidly evolving mobile device technology landscape and adopt policies and solutions designed to minimize the loss of control over access to firm information and systems. This three-part series addresses the concerns raised by mobile devices and outlines policies and procedures, as well as technology solutions, that can help hedge fund managers mitigate the risks posed by the use of mobile devices. The first article provides an overview of the use of mobile devices, including how hedge fund managers have historically addressed that use, and outlines the risks raised by mobile devices, including security risks; risks related to unauthorized trading; and concerns relating to retention and archiving of books and records. The second and third articles discuss principles and detail best practices for establishing mobile device policies and procedures, as well as specific mobile device solutions and technologies designed to address the risks catalogued in the first article. For more on how fund managers can protect against breaches, see our two-part series “The Challenges and Benefits of Multi-Factor Authentication in the Financial Sector”: Part One (Nov. 2, 2017); and Part Two (Nov. 9, 2017).