Designing an Evidence‑Backed IC Memo Workflow

An investment committee memo is the visible end of a much larger process. Automating only the prose leaves the difficult work untouched.

Start with the claim model

A memo section contains claims. Each material claim should have:

• one or more supporting sources;
• a clear owner;
• a review status;
• a place in the memo structure;
• a record of changes;
• an explicit treatment when evidence is missing or conflicting.

This model is more useful than asking an AI system to “write an IC memo” in one step.

Separate preparation from judgment

AI can help organize sources, answer questions, populate comparison structures, run numeric analysis, and draft language. The investment team still decides whether a risk is material, whether evidence is sufficient, and what recommendation to make.

Build the workflow so these decisions are visible. A missing answer should become an information request or review item, not a confident paragraph.

Keep the evidence chain intact

A strong sequence looks like this:

1. Scope the relevant files and connected records.
2. Run cited questions and structured analyses.
3. Promote material outputs into a finding register.
4. Review findings and resolve open evidence.
5. Compose approved claims into memo sections.
6. Route the document for sign-off.
7. Export a version with its source and review record.

The key is continuity. Copying an answer into a separate document should not destroy its provenance.

Test the workflow on changes

Diligence is not static. New files arrive, numbers change, and assumptions are revised. A useful memo workflow should show which source changed, which findings may be stale, and which sections require another review.

Pilot the system with a real change event, not only a clean initial data room.

Define the boundary

The workflow supports the committee. It does not replace it. Keep recommendation language, materiality decisions, and final approval with named people. Automation should make their review more informed and less repetitive.