Moving on from measuring and managing risk we come to reporting. Ever since the Turnbull report on good governance it has been accepted among leading public companies that risk should be reported. But why does anyone report risk let alone reputation risk? The simple answer is that shareholders and regulators expect reassurance that value damaging possibilities have been identified and as far as possible neutralised. The main purpose of reporting risk has thus focused implicitly on risk as threat not risk as opportunity. Risk reporting has, to date, been about value protection not value enhancement. The inherent risks that businesses must take to generate wealth and increase value are rarely reported as risk.