ALRiM: Luxembourg Association
of Risk Management

GFR (Global Fund Risk) & ALRiM 𝐑𝐢𝐬𝐤 𝐀𝐜𝐚𝐝𝐞𝐦𝐲's seminar on 𝐌𝐚𝐧𝐚𝐠𝐢𝐧𝐠 𝐂𝐫𝐞𝐝𝐢𝐭 & 𝐂𝐨𝐮𝐧𝐭𝐞𝐫𝐩𝐚𝐫𝐭𝐲 𝐑𝐢𝐬𝐤 𝐟𝐨𝐫 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐅𝐮𝐧𝐝𝐬 by Mario Zardoni, GFR. ⚠️ 𝐃𝐞𝐟𝐚𝐮𝐥𝐭 𝐫𝐚𝐭𝐞𝐬 𝐚𝐫𝐞 𝐥𝐨𝐰. High-yield spreads sit near 270–285 bps, some of the tightest levels in years. Banks are well capitalised. Everything looks calm. That calm is exactly what should worry a risk manager. Beneath the headline spreads, fault lines are forming that the market isn't pricing in: 🔹 𝑃𝑟𝑖𝑣𝑎𝑡𝑒 𝑐𝑟𝑒𝑑𝑖𝑡 ℎ𝑎𝑠 𝑟𝑒𝑎𝑐ℎ𝑒𝑑 𝑟𝑜𝑢𝑔ℎ𝑙𝑦 $1.4 𝑡𝑟𝑖𝑙𝑙𝑖𝑜𝑛, 𝑎𝑏𝑜𝑢𝑡 10% 𝑜𝑓 𝑈𝑆 𝑛𝑜𝑛-𝑓𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 𝑐𝑜𝑟𝑝𝑜𝑟𝑎𝑡𝑒 𝑑𝑒𝑏𝑡, 𝑝𝑒𝑟 𝐹𝑒𝑑 𝑒𝑠𝑡𝑖𝑚𝑎𝑡𝑒𝑠. 𝑅𝑒𝑑𝑒𝑚𝑝𝑡𝑖𝑜𝑛 𝑝𝑟𝑒𝑠𝑠𝑢𝑟𝑒 𝑖𝑠 𝑟𝑖𝑠𝑖𝑛𝑔 𝑎𝑡 𝑠𝑜𝑚𝑒 𝐵𝐷𝐶𝑠, 𝑎𝑛𝑑 𝑑𝑒𝑏𝑡-𝑠𝑒𝑟𝑣𝑖𝑐𝑖𝑛𝑔 𝑐𝑎𝑝𝑎𝑐𝑖𝑡𝑦 𝑖𝑠 𝑤𝑒𝑎𝑘𝑒𝑛𝑖𝑛𝑔 𝑎𝑚𝑜𝑛𝑔 𝑟𝑖𝑠𝑘𝑖𝑒𝑟 𝑓𝑙𝑜𝑎𝑡𝑖𝑛𝑔-𝑟𝑎𝑡𝑒 𝑏𝑜𝑟𝑟𝑜𝑤𝑒𝑟𝑠. 🔹 𝑀𝑎𝑠𝑠𝑖𝑣𝑒 𝑑𝑒𝑏𝑡-𝑓𝑢𝑛𝑑𝑒𝑑 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑖𝑛 𝑑𝑎𝑡𝑎 𝑐𝑒𝑛𝑡𝑒𝑟𝑠 𝑎𝑛𝑑 𝐴𝐼 𝑖𝑛𝑓𝑟𝑎𝑠𝑡𝑟𝑢𝑐𝑡𝑢𝑟𝑒 𝑖𝑠 𝑝𝑢𝑠ℎ𝑖𝑛𝑔 𝑙𝑒𝑣𝑒𝑟𝑎𝑔𝑒 ℎ𝑖𝑔ℎ𝑒𝑟 𝑎𝑐𝑟𝑜𝑠𝑠 𝑚𝑎𝑗𝑜𝑟 𝑡𝑒𝑐ℎ 𝑐𝑜𝑚𝑝𝑎𝑛𝑖𝑒𝑠, 𝑒𝑥𝑝𝑜𝑠𝑢𝑟𝑒 𝑡ℎ𝑎𝑡 𝑑𝑜𝑒𝑠𝑛'𝑡 𝑠ℎ𝑜𝑤 𝑢𝑝 𝑐𝑙𝑒𝑎𝑛𝑙𝑦 𝑖𝑛 𝑡𝑟𝑎𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑐𝑟𝑒𝑑𝑖𝑡 𝑚𝑒𝑡𝑟𝑖𝑐𝑠. 𝐓𝐢𝐠𝐡𝐭 𝐬𝐩𝐫𝐞𝐚𝐝𝐬 𝐝𝐨𝐧'𝐭 𝐦𝐞𝐚𝐧 𝐥𝐨𝐰 𝐫𝐢𝐬𝐤. 𝐓𝐡𝐞𝐲 𝐦𝐞𝐚𝐧 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐡𝐚𝐬𝐧'𝐭 𝐫𝐞𝐩𝐫𝐢𝐜𝐞𝐝 𝐢𝐭 𝐲𝐞𝐭. If your fund or ManCo is exposed to private credit, floating-rate borrowers, or concentrated tech/AI leverage, waiting for spreads to widen before you act is not a risk strategy. The GFR (Global Fund Risk) & ALRiM 𝐑𝐢𝐬𝐤 𝐀𝐜𝐚𝐝𝐞𝐦𝐲's seminar, Managing Credit & Counterparty Risk for Investment Funds, gives risk managers and board members the grounding to assess this properly. 📚 Course content: 🔸 𝐶𝑟𝑒𝑑𝑖𝑡 𝑅𝑖𝑠𝑘 & 𝐷𝑖𝑣𝑒𝑟𝑠𝑖𝑓𝑖𝑐𝑎𝑡𝑖𝑜𝑛 𝑅𝑢𝑙𝑒𝑠 (𝑈𝐶𝐼𝑇𝑆) 🔸 𝐶𝑜𝑢𝑛𝑡𝑒𝑟𝑝𝑎𝑟𝑡𝑦 𝑅𝑖𝑠𝑘 & 𝐸𝑀𝐼𝑅 🔸 𝐶𝑟𝑒𝑑𝑖𝑡 𝑅𝑖𝑠𝑘: 𝐴𝐼𝐹𝑀𝐷 𝑣𝑠 𝑈𝐶𝐼𝑇𝑆, 𝐿𝑜𝑎𝑛𝑠 (𝐴𝐼𝐹𝑠) 🔸 𝐶𝑟𝑒𝑑𝑖𝑡 𝑅𝑖𝑠𝑘 𝑀𝑎𝑛𝑎𝑔𝑒𝑚𝑒𝑛𝑡 & 𝐶𝑜𝑢𝑛𝑡𝑒𝑟𝑝𝑎𝑟𝑡𝑦 𝑅𝑖𝑠𝑘 (𝐴𝐼𝐹𝑠) 𝐌𝐞𝐞𝐭 𝐨𝐮𝐫 𝐞𝐱𝐩𝐞𝐫𝐭. 𝐅𝐢𝐫𝐬𝐭-𝐜𝐥𝐚𝐬𝐬 𝐭𝐫𝐚𝐢𝐧𝐢𝐧𝐠. 𝐀 𝐫𝐞𝐚𝐥 𝐞𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐚𝐦𝐨𝐧𝐠 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬. 👉 https://lnkd.in/ei94f6Zs #CreditRisk #PrivateCredit #RiskManagement #GFR #ALRiM #RiskAcademy

il🚀 New GFR (Global Fund Risk) & ALRiM 𝐑𝐢𝐬𝐤 𝐀𝐜𝐚𝐝𝐞𝐦𝐲 Training Session: 𝐒𝐨𝐟𝐭 𝐒𝐤𝐢𝐥𝐥𝐬 𝐟𝐨𝐫 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐅𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐬 : 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐈𝐧𝐟𝐥𝐮𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐂𝐨𝐧𝐟𝐥𝐢𝐜𝐭 In today's increasingly complex regulatory and business environment, 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧 has become one of the most critical competencies for 𝐑𝐢𝐬𝐤, 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞, 𝐀𝐮𝐝𝐢𝐭, 𝐚𝐧𝐝 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬. Technical expertise is essential, but it is no longer sufficient. The ability to challenge constructively, influence decision-makers, communicate under pressure, and deliver difficult messages to senior management and Boards has become a defining factor for effective control functions. Join us for our new Risk Academy interactive training: 📅 October 9, 2026 🕘 09:00 – 12:00 Through realistic, business-driven scenarios and practical exercises, participants will develop the communication, influence and leadership skills required to: ✔ Stand their ground under business pressure ✔ Manage difficult conversations with confidence ✔ Deliver impactful messages to senior management and Boards ✔ Influence stakeholders without formal authority ✔ Strengthen their personal communication style and executive presence Whether you work in Risk Management, Compliance, Internal Audit, Internal Control, Operational Risk or Governance, this session will provide practical tools that can be applied immediately in your professional environment. 𝐄𝐱𝐩𝐞𝐫𝐭𝐬 : - Yves Deceuninck: Risk Management, Governance & Organizational Transformation Expert | ICF Executive Coach - Sylvain Aubry: Head of The Carlyle Group AIFM | Board Member - Conducting Officer 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 : https://lnkd.in/g__rjmKF #RiskManagement #Compliance #InternalAudit #InternalControl #Governance #Leadership #Communication #SoftSkills #RiskCulture #ControlFunctions #BoardCommunication #Influence #RiskAcademy #ALRiM #GlobalFundRisk

🚀 Event Recap | 𝐑𝐢𝐬𝐤 𝐓𝐚𝐥𝐤 – 𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐓𝐨𝐨𝐥𝐬 (𝐋𝐌𝐓𝐬) 𝐟𝐨𝐫 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐌𝐚𝐫𝐤𝐞𝐭𝐬 Tuesday June 30th, ALRiM, in collaboration with ALFI - Association of the Luxembourg Fund Industry, had the pleasure of bringing together 𝐫𝐢𝐬𝐤 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 for an interactive Risk Talk dedicated to 𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐓𝐨𝐨𝐥𝐬 (𝐋𝐌𝐓𝐬) for AIFs investing in private assets. Rather than a traditional presentation, the session was designed as a practitioner-focused discussion held under Chatham House Rules, allowing participants to openly exchange practical experience and challenges surrounding the implementation of the 𝐧𝐞𝐰 𝐀𝐈𝐅𝐌𝐃 𝐈𝐈 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬. The discussions explored a wide range of topics, including: • 𝑃𝑟𝑎𝑐𝑡𝑖𝑐𝑎𝑙 𝑒𝑥𝑝𝑒𝑟𝑖𝑒𝑛𝑐𝑒𝑠 𝑤𝑖𝑡ℎ 𝑡ℎ𝑒 𝐴𝑛𝑛𝑒𝑥 𝑉 𝐿𝑀𝑇 𝑓𝑟𝑎𝑚𝑒𝑤𝑜𝑟𝑘; • 𝐺𝑜𝑣𝑒𝑟𝑛𝑎𝑛𝑐𝑒, 𝑎𝑐𝑡𝑖𝑣𝑎𝑡𝑖𝑜𝑛 𝑎𝑛𝑑 𝑑𝑒𝑎𝑐𝑡𝑖𝑣𝑎𝑡𝑖𝑜𝑛 𝑝𝑟𝑜𝑐𝑒𝑠𝑠𝑒𝑠, 𝑎𝑛𝑑 𝑡ℎ𝑒 𝑟𝑜𝑙𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑅𝑖𝑠𝑘 𝑀𝑎𝑛𝑎𝑔𝑒𝑟; • 𝑇ℎ𝑒 𝑠𝑢𝑖𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑦 𝑜𝑓 𝑡ℎ𝑒 𝑑𝑖𝑓𝑓𝑒𝑟𝑒𝑛𝑡 𝐿𝑀𝑇𝑠 𝑖𝑛 𝑝𝑟𝑎𝑐𝑡𝑖𝑐𝑒; • 𝐵𝑎𝑙𝑎𝑛𝑐𝑖𝑛𝑔 𝐴𝑛𝑛𝑒𝑥 𝑉 𝑡𝑜𝑜𝑙𝑠 𝑤𝑖𝑡ℎ 𝑜𝑡ℎ𝑒𝑟 𝑙𝑖𝑞𝑢𝑖𝑑𝑖𝑡𝑦 𝑚𝑒𝑐ℎ𝑎𝑛𝑖𝑠𝑚𝑠 𝑠𝑢𝑐ℎ 𝑎𝑠 𝑙𝑜𝑐𝑘-𝑢𝑝 𝑎𝑛𝑑 𝑒𝑥𝑡𝑒𝑛𝑑𝑒𝑑 𝑠𝑒𝑡𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝑝𝑒𝑟𝑖𝑜𝑑𝑠; • 𝑃𝑟𝑜𝑑𝑢𝑐𝑡 𝑐ℎ𝑎𝑟𝑎𝑐𝑡𝑒𝑟𝑖𝑠𝑡𝑖𝑐𝑠 𝑖𝑛𝑓𝑙𝑢𝑒𝑛𝑐𝑖𝑛𝑔 𝐿𝑀𝑇 𝑠𝑒𝑙𝑒𝑐𝑡𝑖𝑜𝑛 𝑢𝑛𝑑𝑒𝑟 𝑛𝑜𝑟𝑚𝑎𝑙 𝑎𝑛𝑑 𝑠𝑡𝑟𝑒𝑠𝑠𝑒𝑑 𝑚𝑎𝑟𝑘𝑒𝑡 𝑐𝑜𝑛𝑑𝑖𝑡𝑖𝑜𝑛𝑠; • 𝐿𝑖𝑞𝑢𝑖𝑑𝑖𝑡𝑦 𝑐𝑜𝑛𝑡𝑖𝑛𝑔𝑒𝑛𝑐𝑦 𝑝𝑙𝑎𝑛𝑛𝑖𝑛𝑔 𝑎𝑛𝑑 𝐿𝑀𝑇 𝑡𝑒𝑠𝑡𝑖𝑛𝑔. The quality of the discussions clearly demonstrated the value of bringing practitioners together to share real-life experiences and best practices. A very special thank you to Tilo Reichert, CAIA, CFA, FRM, Heidi Mäkelä, and Sacha Reverdiau for the outstanding preparation, facilitation, and organisation of this excellent Risk Talk. Your dedication and expertise made this session a real success. Missed this Risk Talk? Don't worry,another edition will be organised soon! In the meantime, if you would like to deepen your understanding of Liquidity Management Tools and liquidity risk management for investment funds, don't miss the next Managing Liquidity Risk for Investment Funds course organised by the GFR (Global Fund Risk) & ALRiM 𝐑𝐢𝐬𝐤 𝐀𝐜𝐚𝐝𝐞𝐦𝐲 (www.riskacademy.lu), taking place this 12 October: https://lnkd.in/e5pA3mcn Thank you to all participants for making this another valuable exchange within 𝐋𝐮𝐱𝐞𝐦𝐛𝐨𝐮𝐫𝐠'𝐬 𝐫𝐢𝐬𝐤 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲. #RiskManagement #LiquidityRisk #LiquidityManagement #LMT #AIFMDII #PrivateMarkets #AlternativeInvestmentFunds #InvestmentFunds #AssetManagement #ALRiM #ALFI #RiskAcademy #GlobalFundRisk #Luxembourg