I would like to go back and dig into one of the comments made by Rich Pedersen concerning the involvement of S&P in the risk management and governance debate. If we take S&P as just one of the many stakeholders that companies must satisfy (including for example, regulators, NGOs, boards of directors, shareholder activists), could we say that an emerging and increasingly important goal of risk management is stakeholder assurance? In this post-Parmalat, Worldcom, Tyco, Shell and now Siemens and VW world, are stakeholders so skeptical of what is being said by executive management that a company that provides assurance through the process and practice of risk management could use it as a source of competitive advantage? This argument is sort of like taking reputational risk to the next level-beyond just, “trust us, we’ve always done good work” to “we always do good work, and let us show you the tools and process we have for reducing the uncertainty of our future cash flows (i.e earnings, dividend streams, valuation, etc.) Does anyone have examples of securing competitive advantage via improved stakeholder assurance of the reduction of uncertainty?