Mr. Seamus McCarthy:

Absolutely. There may be third level institutions that do not have subsidiaries and are not involved in business structures. Once one gets into a new model of service delivery, there are different kinds of risks which one may not be fully aware of if one does not have a background in that. What one would expect to see is that the risk register is an organic instrument of the organisation that changes as the business changes and as the environment around the organisation changes or if demand is going up, funding is tightening or a commercial venture is part of what is being done.