The firm's risk department. A multi-strategy fund does not let the desks and the allocator run unsupervised — an independent risk function sets hard mandate limits (gross, net band, single-name cap, sector cap, concentration, desk cap, diversification floor, per-desk drawdown stop) and scores the consolidated book against them every day. This screen publishes one firm RISK POSTURE: GREEN inside mandate, AMBER a limit on watch, RED a hard limit breached.