Sophie Lavaud knows what it takes to reach the top. In 2023, she became the first Swiss woman to complete the Himalayan Grand Slam, summiting all fourteen 8,000-metre peaks. But for a mountaineer of her calibre, experience sometimes tells her when the risks outweigh the rewards.
This spring, Sophie returned to the Himalayas with a new ambition: to climb Annapurna IV, in honour of the 75th anniversary of the first ascent of an 8,000-metre peak—Annapurna I, first climbed in 1950. Her goal was not to repeat the past, but to explore new paths on a lesser-known mountain in the same range.
After a long acclimatisation trek that included crossing a 5,300-metre pass, Sophie and her team reached base camp at 4,800 metres—the same height as Mont Blanc.
It was there that they encountered their first serious challenge. Lack of precipitation meant a dry and unstable mountain, causing the classic route on Annapurna IV to be impassable. An alternative line presented itself, but it ran beneath a massive icefall, with volatile seracs constantly shedding ice blocks. “It was like playing Russian roulette,” she says. “We made the decision to call it off.”
In such high mountains, these decisions can be a matter of life or death. And indeed, Sophie has a clear-eyed outlook on this. Her decision was a strategic choice made with deep respect for the mountain, her team, and the conditions. It also reflects a broader mindset that many at UBP will recognise: the importance of managing risk with discipline, flexibility, and foresight.
Just as in mountaineering, managing risk in finance means understanding the terrain, planning for multiple scenarios, and knowing when conditions are not favourable. It’s not about avoiding risk altogether—it’s about choosing the right moment to act, and being ready to adapt when the situation demands it.
Sophie’s next expedition to Annapurna IV is already in the planning phase. She’ll return in the autumn with a new team, and ready to reassess the mountain’s face.
Sophie’s message resonates far beyond the Himalayas. Whether you’re tackling a peak or managing a portfolio, success often lies not in pushing through at any cost, but in knowing when to pause, reassess, and return better equipped.
