How Brexit will Impact Treasury with Dan Ferguson

There's a lot of complexity and there's a lot of regulation that sits over the top as well. So I guess it's trying to get that balance right between optimization but staying within the rules as well. There's a lot of stuff that we just can't do, whether it's for practical constraints or for regulatory constraints, if you like. Insurance industry is to some extent no different to banking, that there's a lot of talk about sort of Digital Disruption and FinTech and other players, whether Amazon or Google will come in and start an insurance company. But similar to banks as well, there's a lot of embedded expertise within insurance companies in terms of how you manage and model those risks. And insurance companies, again, like a bank, have a balance sheet that they need to support the risks that they're writing, which is maybe not different to Google and Amazon, but certainly different to some sort of smaller disruptors that they may be out there. So I think the industry again is trying to work out how best to sort of integrate and play with other potential part or competitors or vendors. You've got to get involved and as wide a breadth of experience as you can, I think, and I appreciate that's difficult when you're in your first one or two roles, but it's still possible to sort of volunteer or to get involved in some of the broader projects. Really. I think the breadth of experience in treasury is hugely important because of the huge range of issues that you come up against on a daily basis. If I was going to say anything, I think it's that. And the important thing is translating that breadth of experience into okay, so how did you make something better? What did you achieve? What did that save in money? What did that earn in money? You know, sort of translating something from just well, I sat in on a meeting a few times to actually some practical implementation that made things better. Brexit's been a heavy resource drain for the last sort of 18 months to two years, to be honest. It's been a big project and a lot of effort to get that set up, authorized by the regulator and the rating agencies, et cetera. We're just kind of coming out the other side of that to some extent now. It's got of bed down. So I think, am I worried about Brexit from a business perspective anymore? Not so much. Am I worried about the impact on financial markets and liquidity? Again, we sort of, we try and predict what might happen there and look to manage any downside. I'm probably less concerned about that. We spend a lot of time with our capital management colleagues who will be modeling our capital position, our risk management colleagues, who'll be looking at the sort of impacts and probability of various things. And so it's not really a sort of. This is going to sound like I'm being complacent and I'm not at all. There's not really a killer risk for rsa. We spend a lot of time trying to keep in the middle of the range, if you like, across everything we do, whether that's the investment strategy, the liquidity strategy, whatever it happens to be.