In our previous edition, we examined how the social licence to operate — the informal community-level licence that underpins a retail chain's ability to operate in its locations — can be withdrawn without formal process and with direct commercial consequences that standard insurance does not cover. The risks explored in that edition were largely invisible on a balance sheet — reputational, relational, and community-facing. This edition turns to a different class of exposure:

Welcome back to Brave Horizons! I hope you've been navigating the ever-evolving landscape of possibilities since our last exploration of...