I want to thank you all. First of all, it's always good when you come after the report was done in 2017 and it's about 15 months later and most of the kinks in the system seem to be resolved, but I still have a few questions.
For the Auditor General, you used to talk about reputational harm. Is that referring to lack of business defaults? How do you calculate reputational harm for an organization? I know banks use the default rates. You need to have reserves of a certain percentage based on default, but how do you calculate or prepare for reputational harm? Also, what does that entail? Does that mean business slowdowns? Does that mean CMHC has a scandal inside, internal to their board? What would reputational harm mean for them?