{"id":11794,"date":"2023-01-31T15:50:46","date_gmt":"2023-01-31T14:50:46","guid":{"rendered":"https:\/\/lindemannlaw.ch\/?p=11794"},"modified":"2023-03-17T09:21:33","modified_gmt":"2023-03-17T09:21:33","slug":"risikomanagement-funktion-gemaess-finanzinstitutsgesetz-finig-fuer-vermoegensverwalter-und-treuhaender","status":"publish","type":"post","link":"https:\/\/lindemannlaw.ch\/de\/insights2\/risikomanagement-funktion-gemaess-finanzinstitutsgesetz-finig-fuer-vermoegensverwalter-und-treuhaender\/","title":{"rendered":"Risikomanagement-Funktion gem\u00e4ss Finanzinstitutsgesetz (FINIG) f\u00fcr Verm\u00f6gensverwalter und Treuh\u00e4nder"},"content":{"rendered":"

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(a) Professionalization of the second line of defense<\/span><\/b>\u00a0<\/span><\/p>\n

A differentiated supervisory regime for Swiss portfolio managers, managers of collective assets, fund management companies and securities firms was introduced in Switzerland as of January 2020 with the Financial Institutions Act (FinIA) and\u00a0 Financial Services Act (FinSA).<\/span>\u00a0<\/span><\/p>\n

FinIA defines license requirements for asset and fund managers encompassing the compliance and the risk management functions. This article is considering implementation of the risk management function.<\/span>\u00a0<\/span><\/p>\n

By formulating the obligation of risk management for asset managers, FinIA implicitly introduces the notion of a second line of defense. In this context, the first line of defense is assumed by the manager, who takes investment decisions within the limits specified by the mandate and by the company. The second line of defense, will independently verify compliance with such limits.<\/span>\u00a0<\/span><\/p>\n

All companies, irrespective of their size, must implement the risk management function. However, smaller companies with a business model that does not present high risks will not be constrained to separate this function from revenue-generating activities.<\/span>\u00a0<\/span><\/p>\n

Before defining an organization that is both cost-effective and meets regulatory requirements, the scope of the tasks under this new function must be properly understood.<\/span>\u00a0<\/span><\/p>\n

(b) Definition of risk management tasks<\/span><\/b>\u00a0<\/span><\/p>\n

The content of the control and risk management function is not precisely defined by the law; we will therefore rely on the following two elements to define the scope of the controls:<\/span>\u00a0<\/span><\/p>\n