The pandemic and open military conflict are non-market risks to which institutional investors, including asset owners, until recently have had little practical exposure. These have arrived abruptly on-scene and today occupy considerable investor time and resource to manage. Climate change, social disruption, and global challenges surrounding transparency and accountability are similarly non-market risks and no less existential. Confronting these have recently been met with varying degrees of attention and commitment. However, first Covid and now the Ukrainian conflict have contributed to a heightened awareness among global investors of the impacts of non-traditional risks on investment returns. We believe that these have materially advanced interest in responsible investing practices among global investment institutions.