Money managers' risk-taking behavior is influenced by the incentives they receive. A new model looks at how managers can control the riskiness of their portfolios. This model considers not just effort but also risk-taking as part of the moral hazard problem. The study distinguishes between short and long periods and finds that in short periods, a bonus contract can be the best option under certain conditions. However, in longer periods, there is no perfect contract, and a numerical approximation is used to analyze the second-best contract.