There are many examples of creative approaches to navigating and managing risk, including the use of joint strategies (Box 6). Concern to minimise fiduciary risk can, for example, mean that funds are slow to arrive and that inefficient delivery channels are chosen (Marcus, 2015). Such concerns steer donors towards investing in programmes which may be predictable, but not transformative (they may indeed fail in programmatic terms, but in a predictable way). In short, the overall impact of decisions driven by a desire to avoid or minimise fiduciary and institutional risk may be that the overall effectiveness of aid investments is severely compromised.