diff --git a/cvx/risk/bounds.py b/cvx/risk/bounds.py
new file mode 100644
index 00000000..4acf9d4b
--- /dev/null
+++ b/cvx/risk/bounds.py
@@ -0,0 +1,49 @@
+# -*- coding: utf-8 -*-
+"""Bounds"""
+from __future__ import annotations
+
+from dataclasses import dataclass
+
+import cvxpy as cp
+import numpy as np
+
+from cvx.risk import Model
+
+
+@dataclass
+class Bounds(Model):
+    m: int = 0
+
+    def estimate(self, weights, **kwargs):
+        """No estimation for bounds"""
+        raise NotImplementedError("No estimation for bounds")
+
+    def __post_init__(self):
+        self.parameter["lower"] = cp.Parameter(
+            shape=self.m,
+            name="lower bound",
+            value=np.zeros(self.m),
+        )
+        self.parameter["upper"] = cp.Parameter(
+            shape=self.m,
+            name="upper bound",
+            value=np.ones(self.m),
+        )
+
+    def update(self, **kwargs):
+        # lower = kwargs.get("lower", np.zeros(self.m))
+        lower = kwargs["lower"]
+        self.parameter["lower"].value = np.zeros(self.m)
+        self.parameter["lower"].value[: len(lower)] = lower
+
+        upper = kwargs["upper"]  # .get("upper", np.ones(self.m))
+        self.parameter["upper"].value = np.zeros(self.m)
+        self.parameter["upper"].value[
+            : len(upper)
+        ] = upper  # kwargs.get("upper", np.ones(m))
+
+    def constraints(self, weights, **kwargs):
+        return [
+            weights >= self.parameter["lower"],
+            weights <= self.parameter["upper"],
+        ]
diff --git a/cvx/risk/cvar/cvar.py b/cvx/risk/cvar/cvar.py
index 007189cc..4b3377a5 100644
--- a/cvx/risk/cvar/cvar.py
+++ b/cvx/risk/cvar/cvar.py
@@ -6,7 +6,7 @@
 import cvxpy as cvx
 import numpy as np
 
-from cvx.risk.model import Bounds
+from cvx.risk.bounds import Bounds
 from cvx.risk.model import Model
 
 
diff --git a/cvx/risk/factor/factor.py b/cvx/risk/factor/factor.py
index bc3d1073..7c74115b 100644
--- a/cvx/risk/factor/factor.py
+++ b/cvx/risk/factor/factor.py
@@ -9,7 +9,7 @@
 import numpy as np
 
 from cvx.linalg import cholesky
-from cvx.risk.model import Bounds
+from cvx.risk.bounds import Bounds
 from cvx.risk.model import Model
 
 
diff --git a/cvx/risk/model.py b/cvx/risk/model.py
index 197623a9..2b1c74fc 100644
--- a/cvx/risk/model.py
+++ b/cvx/risk/model.py
@@ -10,7 +10,6 @@
 from typing import Dict
 
 import cvxpy as cp
-import numpy as np
 
 
 @dataclass
@@ -36,41 +35,3 @@ def constraints(self, weights, **kwargs):
         """
         Return the constraints for the risk model
         """
-
-
-@dataclass
-class Bounds(Model):
-    m: int = 0
-
-    def estimate(self, weights, **kwargs):
-        """No estimation for bounds"""
-        raise NotImplementedError("No estimation for bounds")
-
-    def __post_init__(self):
-        self.parameter["lower"] = cp.Parameter(
-            shape=self.m,
-            name="lower bound",
-            value=np.zeros(self.m),
-        )
-        self.parameter["upper"] = cp.Parameter(
-            shape=self.m,
-            name="upper bound",
-            value=np.ones(self.m),
-        )
-
-    def update(self, **kwargs):
-        lower = kwargs.get("lower", np.zeros(self.m))
-        self.parameter["lower"].value = np.zeros(self.m)
-        self.parameter["lower"].value[: len(lower)] = lower
-
-        upper = kwargs.get("upper", np.ones(self.m))
-        self.parameter["upper"].value = np.zeros(self.m)
-        self.parameter["upper"].value[
-            : len(upper)
-        ] = upper  # kwargs.get("upper", np.ones(m))
-
-    def constraints(self, weights, **kwargs):
-        return [
-            weights >= self.parameter["lower"],
-            weights <= self.parameter["upper"],
-        ]
diff --git a/cvx/risk/sample/sample.py b/cvx/risk/sample/sample.py
index b2e2e7a8..836b5206 100644
--- a/cvx/risk/sample/sample.py
+++ b/cvx/risk/sample/sample.py
@@ -9,7 +9,7 @@
 import numpy as np
 
 from cvx.linalg import cholesky
-from cvx.risk.model import Bounds
+from cvx.risk.bounds import Bounds
 from cvx.risk.model import Model
 
 
diff --git a/tests/test_risk/test_bounds.py b/tests/test_risk/test_bounds.py
index 1c2e4723..e69d4098 100644
--- a/tests/test_risk/test_bounds.py
+++ b/tests/test_risk/test_bounds.py
@@ -5,7 +5,7 @@
 import numpy as np
 import pytest
 
-from cvx.risk.model import Bounds
+from cvx.risk.bounds import Bounds
 
 
 def test_raise_not_implemented():
@@ -16,15 +16,6 @@ def test_raise_not_implemented():
         bounds.estimate(weights)
 
 
-def test_implicit_update():
-    weights = cp.Variable(3)
-    bounds = Bounds(m=3)
-    bounds.update()
-
-    assert bounds.parameter["lower"].value == pytest.approx(np.array([0, 0, 0]))
-    assert bounds.parameter["upper"].value == pytest.approx(np.array([1, 1, 1]))
-
-
 def test_constraints():
     weights = cp.Variable(3)
     bounds = Bounds(m=3)