 many, many corporates around the world, providing them geopolitical advice in every country of this world, almost. About 150. 150. So, what's your view on the current state of geopolitics and trade? Well, it's a privilege to be here, and I want to first say thank you very much to the organizers, both of our panel, but of course of the broader conference. I'll attempt in my time to synthesize some of the conversations we're having with corporate leaders and investors that are very much engaged in trade, very much engaged in decisions around capital financial flows, and what some of the things they're thinking about when it comes to the topics that we've been discussing here. These are traders, these are investors. So, first and foremost, I would say taking your framework, Nicholas, of turbocharging risk management. They are seeking to build a taxonomy to map the various risks that they face. And financial firms have done this over the course of the last 25 years increasingly well in part due to regulatory requirements that have been placed on them. Non-financial institutions are relatively new at this, and when they think about risk mapping, typically they think about operational risk, they think about tax-related risk, they think about jurisdiction-related risk, they don't think about geopolitical risk. And so, as you say, Nicholas, this is very new on the agenda. And so what we've been encouraging our clients to do is to very much identify where they have exposure in this respect. But that's not the only step you can take when it comes to risk. You have to prioritize your risks, you have to dimensionalize what you think might come to pass and what you need to focus on. And there are all kinds of ways you could dimensionalize risk. Obviously, whether it's going to come into your life, whether there's a likelihood or a probability of that risk occurring, and also what its impact will be. And in the upper right, you can start to then focus on what the things are that you should begin to work on. You should definitely build crisis management capabilities around those risks in the event that you have to deal with them. And this is to your point, Penny. Many companies may have something on the table, something on the shelf, but they don't actually do the work of testing themselves. And you mentioned this point also, Nicola, of really exercising their capabilities through simulations around specific scenarios. And finally, they have to be real with themselves to know where their gaps are, to be able to build the capabilities that are required in the event these risks actually were to come to pass. So what risks are we talking about? From a geopolitical perspective, we really break this down into three different categories. The three categories are country level or even sub-country level risk. The second is regional risk or regional flash points. And the third are some macro global trends that are very difficult to get your head around, but which are extremely important to plan for, especially if you're in the business of doing strategy. So businesses are probably best when it comes to geopolitical risk around country level topics or sub-country level topics. Why is that? Well, if you're a total, you're going into a country, you know you need to engage with the political leadership. You know you need to know about the political opposition. You know you need to know about the regulatory environment. You know you need to know about what policy changes might be coming down the line. You know you need to understand the stakeholder groups that could affect your position and your social license to operate. So I would say historically of all of the risks that might be identified, country level risks are something that companies can do quite well through government relations capabilities, through communications capabilities. And just as a matter of requirement for going into a new environment or maintaining relationships with local partners. All of those factors I identified at the beginning, knowing your risks, prioritizing them, building crisis management capabilities, testing them, they all very much are important to do in the country level, but I would say many of our non-financial clients actually do this quite well, increasingly well, especially in fields like energy, fields like mining, fields like telecommunications, advanced industries such as semiconductors, renewables. These are all sectors where companies face real risk at the country level, but they identify it and they're working on it. The two additional types of geopolitical risk that are much more difficult to work on are the regional flash points and the kind of global longer term trends. There's been discussion over the course of our panel and previous panels, and I know over the course of the next couple of days around the major flash points around the world today. But the three that our clients are most concerned about relate to the war in Ukraine, relate to instability and that open conflict in the Middle East, and relate to potential for the worsening of relationships between not just the United States and China but broadly speaking the West and the emerging relationships that China is building with its closest partners. Each one of these has elements of instability, yet each one of these is very difficult to predict. And so you have to, as you're thinking about geopolitical risk around regional flash points or these types of potential conflict scenarios, you have to bound your thinking around specific assumptions and around what will impact your business. And this is very difficult to do and it requires frankly really difficult conversations about what the business impact will be not just for your company but for your suppliers and your sub-suppliers and your partners and others that might be affected through second and third order impact of these situations unraveling further. And in the case of Ukraine, in the case of the Middle East, in the case of the relationships between the United States and G7, let's say, China and other countries working together with China, there is some degree of ambiguity and that ambiguity needs to be identified and worked through. The third category, and I'll be brief but I could spend lots of time on this category because it's incredibly interesting, it's around where is our world going? So if these flash points were to come to pass or if they were to have specific types of impact on companies, what does this mean for the future of our world? And we really see five different macro trends happening as a result of the way our world is structured today. Some of which are very much aligned with what you talked about, Nicholas, in your presentation and some are maybe additive to what you were saying. But our first relates to domestic instability that's resulting from some of this geopolitical tension and really questions around liberalism versus populism or liberalism versus a more autocratic type of government. How do you best understand the demands of your population, changing nature of populations, especially youth populations, underrepresented populations? And how do you ensure that you have the means by which to address those issues and provide a valve for those to be vocalized? Many countries are facing difficulties around this, not the least of which is our country and Penny alluded to some of the factors related to that. But there is a degree of nihilism among the youth population of the United States where they just want to burn the house down. There is a degree of just lack of engagement where in a participatory democracy that's in fact very dangerous and we see this as a growing trend throughout, especially the West and parts of East Asia. Second major macro trend is around the energy transition and of course you focus on this every day, Nikola, but there's so much discussion. If we're moving towards a green economy, how are we going to manage getting from where we are now to where we need to be? And what does that mean for our mix in terms of oil and gas? What does that mean for our mix in terms of renewables? How are we going to get access to critical minerals to fuel battery production, electric vehicle production, semiconductor production, and all the trade related implications related to that, the protectionist instincts that are increasingly paramount. That's a macro trend. The third relates to the post-World War II security order, which is increasingly being questioned if not actively undermined. And this also relates to the economic security of the post-World War II order. Nicholas, you mentioned the Bretton Woods system, which of course now is also being called into question, not just by those who would be against it, but by those who would ignore it, frankly, not seek to engage in that respect. And the fifth, and we can talk about this maybe on the sidelines, but it's maybe on the minds of many people here, and that's the formation of blocks. This concept of blocks is still very much being developed. It's not well formed, but there are blocks. Ideologically, there are blocks in terms of interests and there are blocks in terms of security and economic relationships. And a major macro trend, as far as we're concerned, of these blocks are being increasingly well defined, they're increasingly being reified, and they're increasingly being used to define one group against another group. How you make sense of all this in terms of your risk management and your ability to scenario plan and your ability to understand how this could impact your business is incredibly important and something we spend a lot of time on with our clients. I'll stop there out of interest of time, but I hope that that's offered some food for thought. If you're out there representing a business or if you're in government thinking about how you can better work with your business colleagues. Thank you, Jay, and I think the blocks are referred back to this multi-polar competition we have discussed earlier. And I clearly see this development as well going and shaping also how corporations work.