单选题 An investment policy statement is important to the portfolio management process because it: A. specifies allocations across assets and countries. B. provides a clear understanding of the level of risk a client is willing to accept. C. creates a record of the benchmark against which performance will be judged.

【正确答案】 B

【答案解析】The investment policy statement provides a clear articulation of the risk a client will accept, and addresses risk in the context of the client's return requirement or expectations. The other answers are benefits of other steps in the portfolio management process, subsequent to the development of the investment policy statement.