On October 4, 2010, ALM Events hosted its fourth annual Hedge Fund General Counsel Summit in New York City.  The event brought together a number of industry thought leaders who identified key areas of risk facing hedge fund managers, and offered ideas on how to address those risks.  Specifically, participants at the Summit discussed: Dodd-Frank; insider trading; implementing and maintaining ethical walls; investors’ due diligence expectations; risk management trends; preparing for an SEC examination; and developing pay to play policies and procedures.  This article summarizes some of the key ideas discussed at the Summit.