Governance, risk management, reporting, continuity and exit

In the mountains, accidents lie in wait above all on the descent, when fatigue sets in, vigilance slackens and the weather turns. Guides know it, and reserve their closest attention for the hours that follow success. An RWA project faces the same peril. The launch of a first issuance is like a summit. The real test begins afterwards, during the years when the asset must be managed, income paid, investors informed, crises weathered and, one day, the exit organised.

Governance, risks, valuation, reporting, continuity, exit. These subjects seem less exciting than technology or fundraising. Yet they are what distinguishes lasting successes from the failures described in chapter 16.

Governance

Governance refers to all the rules that organise decisions, controls and responsibilities. In an RWA project it operates at two levels, that of the company carrying the project and that of each vehicle holding assets.