{"id":3062,"date":"2025-10-23T19:54:03","date_gmt":"2025-10-23T17:54:03","guid":{"rendered":"https:\/\/claritis.com\/interview-published-in-sphere-magazine\/"},"modified":"2026-02-03T22:16:57","modified_gmt":"2026-02-03T21:16:57","slug":"interview-published-in-sphere-magazine","status":"publish","type":"post","link":"https:\/\/claritis.com\/en\/interview-published-in-sphere-magazine\/","title":{"rendered":"Interview published in SPHERE magazine"},"content":{"rendered":"\t\t
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Compliance and risk management are two sides of the same coin. <\/strong><\/h2>

Interview published on October 23, 2025 on the SPHERE<\/a> website<\/p>

The first session of the ISFB x SPHERE program takes place on November 24. It will be devoted to a “regulatory update”. What will be the broad outlines?<\/strong><\/h4>

The concept of this training course is firstly to provide an overview of the main regulatory requirements, their new features and developments, and secondly to offer a pragmatic approach to understanding all these requirements.<\/p>

Since the LSFin and LEFin came into force, the regulatory framework for independent asset managers has changed considerably. What do you think are the main changes to be retained?<\/strong><\/h4>

In recent years, independent managers have been faced with a double revolution. Firstly, they were faced with completely new laws which they had to integrate into their processes as best they could. In addition, these laws have led to the emergence of new interlocutors: the supervisory bodies – the SOs – FINMA, and the independent control functions.<\/p>

The last few years have been devoted to implementing all these new features. The various players involved – SOs, auditors, compliance and risk management specialists – were generally quite demanding when it came to implementing the laws, and business models had to be significantly adapted to cope with these changes.<\/p>

Today, these new compliance processes are beginning to be applied relatively uniformly among asset managers. It’s time to think about how we can give them meaning, so that they become a proportionate tool and not just an external constraint.<\/p>

How does LSFin differ from MiFID II in its approach and practical implications?<\/strong><\/h4>

LSFin is less procedural than MIFID II. We sometimes hear that the LSFin is excessive or unsuitable for certain business models. It does, however, have an interesting advantage: it consists of general principles that can be applied in a variety of ways.<\/p>

Suitability, for example, is almost always approached through a mechanism of limits to be respected for each asset class. In reality, the LSFin would allow other approaches that might prove more suitable for certain organizations. These are the nuances we plan to address in the ISFB x SPHERE training course on November 24.<\/p>

To what extent are the MLA and sanctions still sensitive issues for independent asset managers?<\/strong><\/h4>

The MLA and sanctions are among the key risks faced by asset managers, not least because of the criminal provisions that apply to them as to all financial intermediaries.) Managers have the impression that things are being done twice – by the custodian bank and by themselves. The last few years have shown us that this impression is wrong. Banks generally have sophisticated IT systems to detect signs of money laundering – transactional analysis tools, press screening tools, etc. – but they often lack the proximity to the manager’s client to address this issue in depth. Every year, we observe situations where asset managers alert the custodian bank to signs of money laundering that the latter had not identified.<\/p>

How can managers better structure their risk management without making their structure more complex?<\/strong><\/h4>

To date, asset managers have implemented all the provisions expected by the major laws that concern them: LBA, LSFin and LEFin. Risk management is first and foremost an analysis of the system from a meaningful perspective: what is my organization’s propensity for risk? A manager specializing in private equity sees risk in a completely different way from a manager specializing in the equity market, for example. It is therefore necessary not only to determine the overall level of risk it is prepared to accept in order to achieve its strategic objectives, but also to quantify the level of risk it can bear without suffering unacceptable damage.<\/p>

What’s the difference between compliance and risk management?<\/strong><\/h4>

Compliance and risk management are two sides of the same coin: when the asset manager analyzes his client’s portfolio, he is simultaneously managing risk – market, counterparty, etc. – and compliance, since suitability is a provision of the LSFin.<\/p>

The big difference between the two is the concept of proportionality. Compliance operates on a somewhat binary approach: compliant versus<\/em> non-compliant. Risk management is adapted to the manager’s business model and risk appetite.<\/p>

In recent years, managers have had to implement extensive compliance systems. It’s time for them to ask themselves what their key risks are, and how to adapt their systems to address them.<\/p>

With regard to the notion of “risk appetite” that you want to address, how can a manager define his tolerance thresholds and integrate them consistently into his processes?<\/strong><\/h4>

This question will be one of the training topics, as it deserves to be developed. But in a nutshell, every entrepreneurial venture involves risk-taking. It’s not a question of eliminating risk – if that were the case, the commercial side would be eliminated too – but of setting limits and ensuring that controls are in place to stay within them. An organization’s propensity for risk depends not only on its business model, but also on the entrepreneur’s sensitivity.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Compliance and risk management are two sides of the same coin. Interview published on October 23, 2025 on the SPHERE website The first session of the ISFB x SPHERE program takes place on November 24. It will be devoted to a “regulatory update”. What will be the broad outlines? The concept of this training course […]<\/p>\n","protected":false},"author":4,"featured_media":3063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-3062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance-en"],"_links":{"self":[{"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/posts\/3062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/comments?post=3062"}],"version-history":[{"count":2,"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/posts\/3062\/revisions"}],"predecessor-version":[{"id":3065,"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/posts\/3062\/revisions\/3065"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/media\/3063"}],"wp:attachment":[{"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/media?parent=3062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/categories?post=3062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/claritis.com\/en\/wp-json\/wp\/v2\/tags?post=3062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}