Hedge fund vs bank; risk as a function

Hi, for those whom have worked at a bank/hedge fund, in markets/risk, what are the main differences of the risk function? From a quick search, I get results that risk is seen to be closer to the investment process as they (hedge funds) don't need to comply with rules such as Basel III etc; is this correct + any more insights?

Thanks

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Hedge fund vs bank; risk as a function

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