Most capital loss is created before it is visible. Exposure forms early as decisions are made, commitments build, and control is assumed across assets and portfolios. It does not originate in delivery, and it is not first identified through reporting. By the time it becomes visible, the outcome is already embedded, decisions have been taken, and capital has been committed in ways that are difficult to reverse. Owners remain accountable regardless of when that visibility occurs. Control is therefore not a downstream activity - it is either established at the point where exposure forms, or it is progressively lost. This occurs because exposure forms before it is visible, decisions are made under pressure, and control is often assumed rather than maintained.
