GRC In Focus

When the UK's largest retail investment platform prepares to sell a product it publicly states has “no intrinsic value” and "shouldn't be relied upon to help clients meet their financial goals," what does that tell you about Consumer Duty? When OpenAI obligates itself to $1 trillion in infrastructure commitments while still unprofitable, what could go wrong?In this episode of GRC in Focus, host Asad Bukhory, Asad explores how radical transparency alone might not be enough to meet Consumer Duty requirements, drawing comparison with the £11B car finance redress. Asad also explains how OpenAI could be creating tech’s TOO BIG TOO FAIL, and maps out the circular dependencies that could create systemic risks reminiscent of Nortel-Lucent vendor financing collapse that decimated the telecom sector in the 90s. He explains political incentives that make it nearly impossible for regulators to impose constraints on tech companies when "AI leadership = national security."

Man Group: 36% down, "nothing broken." UK trusts: £38B trapped in discounts, activist invasion imminent. Shadow banking: $10B hidden debt, triple-A bonds worthless. In this episode of GRC in Focus, host Asad Bukhory dissects three unfolding disasters: Man Group's underperformance, the UK investment trust discount crisis, and the emerging shadow banking risks.When Man Group's board accepts "nothing is broken" despite 36% share price collapse and three years of underperformance, what does that tell you about oversight? When UK investment trusts leave £38 billion in shareholder value trapped by structural inefficiency, who's actually minding the store? And when First Brands hides $10 billion in debt while Tricolor's triple-A bonds become worthless overnight, what does that say about shadow banking's $3 trillion time bomb?Asad reveals why technical compliance with governance codes is insufficient, and explains the "constructive challenge" gap that lets management narratives go unchecked. He breaks down the principal-agent problem destroying UK investment trust value and explains why Saba Capital’s activist ETF is the wake-up call boards refused to hear.From Man Group's dilemma to the shadow banking contagion spreading through pension funds and ISAs, this episode provides the governance reality check every board member, compliance officer, and fund manager needs right now.

Think AIFMD 2.0 is just another regulatory update? You're wrong!AIFMD 2.0 isn't a minor regulatory tweak—it's the biggest revamp since 2011, and loan originators may need to overhaul their business model In this episode of GRC in Focus, host Asad Bukhory unpacks AIFMD 2.0's impact with just eight months until the April 16, 2026 go-live date. Asad explains how the new loan origination regime will impact "originate-to-distribute" strategies, forcing managers to choose between capital-draining risk retention or complete business model pivots. He reveals why every open-ended fund manager must now weaponise liquidity management tools or face investor exodus during the next crisis.Key Topics Covered:The loan origination "capital trap" - 5% risk retention economicsMandatory liquidity management tools for all open-ended AIFsEnhanced substance requirements and delegation oversightEU-UK regulatory divergence post-BrexitChanges to the "originate-to-distribute" strategiesSwing pricing vs. dual pricing mechanicsEnhanced reporting and disclosure burdensThis episode provides a framework for navigating AIFMD 2.0's minefield. A must listen for AIFMs, loan originators, and anyone who thinks they can wait until 2026 to start planning.

Signing an outsourcing agreement is just the beginning - the FCA's February 2025 portfolio letter changes everything about delegation oversight.In this critical episode of GRC in Focus, host Asad Bukhory delivers a wake-up call to investment firms treating delegation as abdication. With the FCA's February 2025 portfolio letter identifying systematic deficiencies across £3 trillion in private assets, the message is clear: delegation oversight failures can destroy your fund, your reputation, and your regulatory standing. Asad exposes the "liability funnel" - regardless of delegation chains. He breaks down why traditional due diligence creates "oversight asymmetries" and explains why the convergence of new regulations - Consumer Duty, anti-greenwashing rules, operational resilience requirements, and DORA - demands sophisticated, integrated oversight frameworks. From NAV calculation governance to ESG substantiation, from cyber resilience to cross-border enforcement challenges, this episode provides the practical roadmap for building delegation oversight that actually works. Essential listening for ACDs, AIFMs, MiFID firms, and anyone who believes their job ends when the outsourcing contract is signed.

Why smart GPs are abandoning the 10-year fund model for innovative fund structures solving the $4 trillion liquidity crisis plaguing traditional PE funds.In this episode of GRC in Focus, host Asad Bukhory challenges the traditional private equity model and explores the innovative fund structures that are revolutionizing how private capital operates. With $4 trillion in portfolio assets sitting in PE funds—40% held for more than 4 years—the industry faces unprecedented liquidity pressures that demand creative solutions. Asad breaks down some of the structures including Rolling Funds (the "Netflix model" of PE), Evergreen Funds offering perpetual capital, Parallel Funds enabling global fundraising, and Continuation Funds solving exit timing mismatches. He examines how these structures address the evolving needs of Limited Partners seeking flexibility, General Partners requiring longer hold periods, and the growing push to democratise private markets for individual investors. From the explosive growth of semi-liquid products ($350 billion market) to the regulatory implications of recent SEC rule changes, this episode provides essential insights for GPs looking to differentiate their offerings, LPs seeking better terms, and advisors navigating the future of private capital deployment.

FCA Consumer Duty explained — practical steps, case studies, and compliance strategies for investment firms, wealth managers, and senior leaders.In this episode of GRC in Focus, host Asad Bukhory takes a deep dive into the FCA’s Consumer Duty — nearly two years on from its introduction — and explores why it’s far more than a box-ticking exercise.Asad unpacks the four outcomes at the heart of Consumer Duty, examines recent FCA enforcement cases, and explains how firms can move beyond process compliance to deliver measurable client benefits. From fund design and fair value assessments to communication strategies and vulnerable customer support, this episode offers a practical roadmap for turning Consumer Duty into a source of trust and differentiation.You’ll walk away with actionable steps to evidence outcomes, strengthen governance, and avoid costly missteps under the FCA’s intensified scrutiny.

In this episode of GRC In Focus, host Asad Bukhory explores how trillion-dollar corporations like Amazon and Walmart are transitioning from money users to money creators through corporate stablecoins, and the massive governance, risk, and compliance implications this creates. While these digital currencies could eliminate billions in payment processor fees and create captive economies, they raise critical concerns about economic neo-feudalism, regulatory capture, and systemic financial risks. Asad examines the antitrust implications of corporate-controlled currencies, privacy and surveillance risks from complete transaction visibility, and the potential for correlated stress across Treasury-backed reserves. The episode covers regulatory loopholes, geopolitical tensions, and operational vulnerabilities while providing essential questions for board members navigating this uncharted territory. As major corporations prepare to issue their own USD-backed stablecoins, this analysis is crucial for understanding the shift toward corporate monetary sovereignty and its broader implications for financial stability, consumer protection, and competitive markets.

In this Episode Asad Bukhory unpacks the hidden costs killing crypto innovation. He breaks down two regulatory bombshells reshaping stablecoins: the GENIUS Act's federal licensing framework and the FCA’s proposed rules.He explains how these regulations aren't just changing compliance — they're creating an extinction event for smaller players. As regulators in the US and UK introduce sweeping new frameworks for stablecoins, Asad examines the hidden opportunity costs and what it means for issuers, fund managers, and investors navigating this evolving regulatory environment.Learn why the $10 billion threshold creates a two-tier market, how Treasury-backed reserves could trigger systemic risks, and how smart fund managers are turning compliance headaches into competitive advantages. A must listen if you're tired of getting blindsided by regulations that actually matter.Bottom Line: Compliance isn't a cost center anymore. It's your new competitive moat.

In this episode of GRC in Focus, host Asad Bukhory unpacks the seismic impact of ESMA's ESG fund naming regulations following Aviva Investors' €56,000 fine for a mere 5% deviation in ESG allocation. With 880 funds forced to rebrand—the largest rebranding in European fund history—and €1.9 trillion in assets affected, Asad reveals how these rules are creating an existential crisis for emerging managers. He breaks down the complex 80% threshold calculation, the treacherous PAB vs CTB exclusion regimes, and the "compliance treadmill" that's consuming up to €500K annually for funds. Asad exposes the operational nightmares hiding behind seemingly simple rules. With spot inspections finding zero managers fully compliant and sustainable funds experiencing their first-ever quarterly outflow of $1.2 billion, this episode is essential listening for any manager navigating the new reality where your fund name is not simply marketing but a legally binding requirement that could make or break your business.

In this debut episode of GRC in Focus, host Asad Bukhory explores the democratisation of private markets, offering insights on how this trend is reshaping the investment landscape for startups and emerging fund managers. Asad delves into the benefits and challenges of making private equity and private debt accessible to retail investors, driven by strategic initiatives from large wealth managers and regulatory changes across the US and Europe. He outlines the structural, operational, and compliance complexities managers face as they transition from institutional to retail models, and explains how technology, evolving regulatory changes and innovative fund structures are enabling this shift. With projections indicating retail investments in private markets could soar to trillions by 2030, Asad emphasises the importance of niche strategies, robust liquidity frameworks, and effective investor education to help managers capitalise on this emerging opportunity.