Global Fund Risk

Our mission and our values

The objective of GFR® is to improve risk management for investment funds by increasing risk awareness, embedding risk management culture in everyday operations and developing market practice.

To achieve this goal, GFR® provides information, training, advice and certification in risk management for investment funds.

Become a member of GFR

By becoming a member of GFR, you join a community of experts with a common interest in risk management for funds. You will interact with fund-industry professionals locally and internationally and you will benefit from conferences, discussion forums and newsletters. You can also obtain the GFR® qualification that certifies and recognizes your expertise in risk management for investment funds.
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Membership in GFR gives you access to a community of investment fund professionals who are interested in risk management. Those professionals range from fund administrators to risk managers and include all the business lines in the European fund industry.

Become a member

Our risk management guide to European investment funds

The GFR certification program is based on the book Risk Management for Investment Funds (2023) by L. Neuberg, F. Petit, M. Vogt and P. Kleinbart. The book ensures compliance with regulatory requirements and facilitates the implementation of risk management systems that add value to the investment process. The first four parts of the book form the foundation of the GFR certification program:
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Part I: Framework of European Investment Funds
Part I of the book introduces risk and risk management in the European fund industry. It provides an overview of risk management in European fund markets, including the definition of investment funds, fund markets, the main investment strategies for funds, the key players in fund markets, the regulatory framework for risk management and an overview of governance for risk management.

Part II: Risk Management for UCITS Funds
‍Part II explains the main types of risk for UCITS funds (i.e., market risk, liquidity risk, credit and counterparty risk, operational risk) and describes the characteristics of the corresponding risk management.

Part III: Risk Management for European Alternative Investment Funds
Part III focuses on managing risk for alternative investment funds (AIFs), covering market risk, credit and counterparty risk, liquidity risk and operational risk for AIFs.
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Part IV: Recent Trends in Risk Management for Funds
Part IV analyses recent trends in risk management for funds, including sustainability risk, cyber risk and risks deriving from new technologies.