ALRiM: Luxembourg Association
of Risk Management

GFR (Global Fund Risk) & ALRiM 𝐑𝐢𝐬𝐤 𝐀𝐜𝐚𝐝𝐞𝐦𝐲 Geopolitics is no longer “background noise” for investment funds and companies. It is a portfolio risk, a governance risk, and increasingly a regulatory concern. From US tariffs and trade fragmentation to the escalating US–Israel–Iran tensions, geopolitical shocks are reshaping markets, liquidity, inflation dynamics, and investment decisions in real time. Join our 2.5-hour executive training dedicated to Risk Managers, Board Members, and Portfolio Managers: • 𝑊ℎ𝑎𝑡 𝑖𝑠 𝐺𝑒𝑜𝑝𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑅𝑖𝑠𝑘?  • 𝐾𝑒𝑦 𝑑𝑟𝑖𝑣𝑒𝑟𝑠: 𝑐𝑜𝑛𝑓𝑙𝑖𝑐𝑡𝑠, 𝑠𝑎𝑛𝑐𝑡𝑖𝑜𝑛𝑠, 𝑝𝑜𝑙𝑖𝑐𝑦 𝑠ℎ𝑖𝑓𝑡𝑠, 𝑑𝑜𝑚𝑒𝑠𝑡𝑖𝑐 𝑖𝑛𝑠𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑦, 𝑡𝑒𝑟𝑟𝑜𝑟𝑖𝑠𝑚, 𝑠𝑡𝑟𝑎𝑡𝑒𝑔𝑖𝑐 𝑟𝑖𝑣𝑎𝑙𝑟𝑖𝑒𝑠  • 𝑊ℎ𝑦 𝑖𝑡 𝑚𝑎𝑡𝑡𝑒𝑟𝑠 𝑓𝑜𝑟 𝑓𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛𝑠: 𝑑𝑖𝑟𝑒𝑐𝑡 & 𝑖𝑛𝑑𝑖𝑟𝑒𝑐𝑡 𝑖𝑚𝑝𝑎𝑐𝑡𝑠  • 𝑇ℎ𝑒 𝑟𝑜𝑙𝑒 𝑜𝑓 𝐵𝑜𝑎𝑟𝑑𝑠 𝑖𝑛 𝑔𝑒𝑜𝑝𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑜𝑣𝑒𝑟𝑠𝑖𝑔ℎ𝑡  • 𝐷𝑒𝑡𝑒𝑐𝑡𝑖𝑜𝑛 & 𝑚𝑜𝑛𝑖𝑡𝑜𝑟𝑖𝑛𝑔 𝑜𝑓 𝑔𝑒𝑜𝑝𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑟𝑖𝑠𝑘  • 𝐺𝑒𝑜𝑝𝑜𝑙𝑖𝑡𝑖𝑐𝑎𝑙 𝑟𝑖𝑠𝑘 𝑖𝑛𝑑𝑖𝑐𝑎𝑡𝑜𝑟𝑠  • 𝐴𝑠𝑠𝑒𝑠𝑠𝑚𝑒𝑛𝑡 𝑡𝑜𝑜𝑙𝑠: 𝑠𝑡𝑟𝑒𝑠𝑠 𝑡𝑒𝑠𝑡𝑖𝑛𝑔 & 𝑟𝑖𝑠𝑘 𝑠𝑐𝑜𝑟𝑖𝑛𝑔 𝑚𝑒𝑡ℎ𝑜𝑑𝑜𝑙𝑜𝑔𝑖𝑒𝑠 In today’s environment, geopolitical risk management is no longer optional - it is part of fiduciary responsibility. • 𝐸𝑥𝑝𝑒𝑟𝑡: Marc Fohr, CFA, GFR, • 𝐷𝑎𝑡𝑒: June 25, 2026, 09:00-11:30 • 𝐿𝑜𝑐𝑎𝑡𝑖𝑜𝑛: Chambre des Métiers Luxembourg, • 𝑆𝑢𝑏𝑠𝑐𝑟𝑖𝑏𝑒: www.riskacademy.lu #RiskAcademy #GFR #ALRiM #GeopoliticalRisk

The GFR Certification Exam session is now taking place at BGL BNP Paribas, an important milestone for the continued growth of the initiative and the engagement of professionals committed to strengthening risk management expertise! We would like to extend our sincere thanks to Mrs Amandine Bora and Mr Jean-François Rase for their valuable support in launching this first session for professionals from BNP Paribas - Securities Services and for contributing to the success of this important step. Stay tuned to know more about what will come next! www.GlobalFundRisk.org #RiskManagement #Certification #GFR

#ALFIRisk26 | Part I Serge Weyland, our CEO, together with Luc Neuberg, PhD, President of ALRiM, opened the ALFI European Risk Management Conference this morning. This milestone 20th edition brings together the risk management community and leading industry speakers to explore the latest market developments. Marie-Therese Wich (GSK Stockmann) set the stage as Master of Ceremony. We were delighted to welcome Marco Zwick, Director at the Commission de Surveillance du Secteur Financier (CSSF), who delivered the opening address. He covered the broader macroeconomic and local risk environment, the evolving compliance agenda, and key findings from recent on-site inspections. 💬 This was followed by insightful contributions from: - Jean-François Carpantier, who explored how data is used and outlined the roadmap for European reporting - Olivier CIRON, who shared how data drives supervisory reviews, benchmarking, and industry positioning We then heard a compelling keynote from European Securities and Markets Authority (ESMA). 🎤Steffen Kern, Chief Economist and Head of Risk, highlighted ESMA’s current risk priorities — including pricing geopolitical risk, asset valuation resilience, emerging trends, and the future reporting roadmap. Stay tuned — more insights to come after the coffee break. https://lnkd.in/dqRiDEWe #Luxembourg  #RiskManagement #AssetManagement Christopher Georgeson - Corinne Lamesch - Monica Letra - Irene Schultz-Gerstein - Virginie Tripet - Ria Kollia - Annie Bazan - Lena Vasileiadou

#ALFIRisk26 | Part III The afternoon sessions resumed after a lively networking lunch, with Christopher Georgeson (#ALFI) setting the tone as Master of Ceremony and Henning Schwabe (Arendt & Medernach) welcoming participants back with renewed energy. Frédéric Guilmin (EY), Peter Chan (MSCI Inc.), Michel Lempicki (QUANTYX), and Frank Roessig (Proximus Luxembourg) then explored what a modern risk infrastructure looks like—and how AI and automation are reshaping the landscape. The focus then shifted to private assets, where Heidi Mäkelä (Aberdeen) and Paul Adams (Andersen Consulting) highlighted the critical questions boards should be asking around valuation risk and illiquid assets. Next, Stefano Portolan, PhD, CQF (Prometeia), Lisa Backes (Hauck & Aufhäuser Fund Services S.A.), Laurent Denayer (ume - #1 fund distribution due diligence platform#1 fund distribution due diligence platform Luxembourg), and Sacha Reverdiau (Lombard Odier Group) discussed how to break down silos across ManCo and AIFM operations. After the coffee break, the audience enjoyed a candid and thought-provoking conversation with Jean-Marc Jancovici (Carbone 4), moderated by Luc Neuberg, PhD (ALRiM), on the physical realities underpinning our economies. The final session featured an insightful interview led by Tilo Reichert, CAIA, CFA, FRM (Swiss Life Asset Managers), with Alain Hoscheid (Commission de Surveillance du Secteur Financier (CSSF)) sharing valuable perspectives on the macro and micro risks shaping the industry. Jean-Marc Goy closed the day, followed by a cocktail reception where participants continued the conversation and networking. A big thank you to everyone who contributed to the success of this event — especially Christopher Georgeson and Monica Letra. Already looking forward to the next edition #ALFIRisk27! https://lnkd.in/dqRiDEWe #Luxembourg  #RiskManagement #AssetManagement Irene Schultz-Gerstein - Ria Kollia - Virginie Tripet

Happy 20th anniversary to the ALFI European Risk Management Conference! 🎈 Full room today to remind one thing: risk management is no longer a specialist topic in the background ! It is at the heart of the strategic agenda for the fund industry. Congratulations to the ALFI and ALRiM teams for an excellent edition, and a special mention to Luc Neuberg, PhD for his role in bringing together such a strong community of risk professionals. Great to hear from prominent speakers and institutions including Jean-Marc Jancovici, ESMA, CSSF, major consulting firms and asset managers, with discussions ranging from regulation and geopolitical risk to technology, private assets, valuation and the long-term risks we still need to better understand. A very insightful day, and a great reminder of the strength of Luxembourg’s risk management ecosystem.