No, I'm very happy to start.
Yes, you describe what we call the perpetual paranoia of running a DFI. I would say our stakeholders think about impact, impact, and impact. They don't, at the front of their minds, think about the risk that they assume in order to deliver that impact. That's why I think your question is very astute and very thoughtful, because it is so much easier for the institution in time if its stakeholders understand the risks that are being taken in order to deliver this impact. Risk isn't only low financial returns or losses. It's reputational risk as well.
We know we work with the wrong people, who do the wrong thing, and we also know that in the countries where we work, that is the majority of what happens. We know that the appetite in the U.K. to accept that risk is incredibly low.
How do we manage that? I think it's two things. As I say, I go back to the importance of hiring people with commercial judgment, people who can look at a situation and understand the risk that they're taking, and mitigate it, and structure it, but who can also say no. We're full of people here at CDC who have the commercial judgment to work hard on something, but to say that we don't want to do something because the risks are too high.
As an example of how we support that, we don't have annual volume targets, because we always want to be able to say no and not to feel that pressure to make the wrong investments. That's incredibly important.
Then, around those people, you have to wrap really good processes around risk. We have a risk committee. We have a risk structure. We built this all from the bottom up. We talk about it a lot. Risk is our business, and we have to do it well.