frankly, i think for most institutions the accountant is not really the ppl that are too concerned,they are generally more passive in this aspect. but you catch the right thread, it is quite important! most of the attention coming from the front office now. the decision maker of the investments..
there are also different kind of hedge funds.
a long and short fund with always 0% exposure to the market is probably treated differently than a CTA. if you are using a managed account platform, and your company have the capability to risk manage the investment, you are probably quite lowly risk weighted.