diff --git a/STATE.md b/STATE.md
new file mode 100644
index 0000000..1faed82
--- /dev/null
+++ b/STATE.md
@@ -0,0 +1,98 @@
+# STATE — risk-nexus
+
+**Updated:** 2026-08-21
+**Domain:** infotech · **Repo:** risk-nexus · **Owner:** the-custodian
+
+## One-line posture
+
+**The register decides.** Nine findings graded, three notes below the floor,
+one regulatory determination and a thirteen-entry legal policy set; every open
+question carries a default and a date, and the check cadence is scheduled on
+`activity-core` rather than on anyone remembering.
+
+## Workplans
+
+| ID | Status | Notes |
+| --- | --- | --- |
+| `RISK-WP-0001` | **finished** | The four instruments, the index, the first grading |
+| `RISK-WP-0002` | active | Publication handover — T01 with `policy-nexus` |
+| `RISK-WP-0003` | **finished** | Regulatory intake; the legal policy set |
+| `RISK-WP-0004` | **finished** | Running the register: cadence, verification, inbox-before-grading |
+
+## The register
+
+| ID | Sev | Status | Disclosure | Cadence | System |
+| --- | --- | --- | --- | --- | --- |
+| `RISK-F-0001` | high | fixed | public | instant | flex-auth |
+| `RISK-F-0002` | medium | open | embargoed | instant | ops-warden |
+| `RISK-F-0003` | medium | mitigated | embargoed | 1h | ops-warden |
+| `RISK-F-0004` | high | open | embargoed | 1h | tenant-engine |
+| `RISK-F-0005` | medium | open | embargoed | 1h | audit-core |
+| `RISK-F-0006` | high | open | embargoed | 1h | railiance-platform |
+| `RISK-F-0007` | high | accepted | embargoed | instant | estate |
+| `RISK-F-0008` | medium | accepted | public | instant | audit-core |
+| `RISK-F-0009` | high | open | embargoed | 1h | railiance-platform |
+
+Notes below the floor: `RISK-N-0001` noisy neighbours · `RISK-N-0003` found by
+reading not watching · `RISK-N-0004` zone lookup.
+
+Not one field reads `unset`.
+
+## How it works
+
+```
+findings/*.md            source of truth; reporter fields + this repo's grade
+  ↓ tools/register_index.py
+REGISTER.md              generated, one screen, never hand-edited
+
+docs/method/             severity · disclosure · escalation · review
+                         verification · dependencies · check-procedure
+docs/rulings/            why each grade is what it is, dated
+docs/regulatory/         RISK-REG-0001 + policies/ (13, keyed by activation)
+docs/verifications/      RISK-V-000N — what this repo checked itself
+
+make due                 the work list
+make checked ARGS=...    record an outcome; moves the cadence rung
+make check               index + malformed + waits + inbox + escalations
+```
+
+**Cadence:** `instant → 1h → 8h → 24h → 48h → 96h → 7d → 14d → 1mo → 1q`.
+Clean climbs one rung; anything moving resets to `instant`. The rung is the
+stability signal. Operator ruling, 2026-08-20.
+
+**Scheduled on `activity-core`:** `hourly-register-inbox-watch` (fires only on
+an unread message) and `daily-register-check-sweep` (07:15, unconditional).
+Both instruct a session that exercises judgement; neither may record an
+outcome.
+
+## Waiting on other people — 9 open, all defaulted
+
+| Who | On | Defaults |
+| --- | --- | --- |
+| ops-warden | does the flex-auth pin admit ingress, before enabling `policy.enabled` | 2026-08-27 |
+| railiance-platform | deny-set coverage report (`F-0009`) | 2026-09-03 |
+| tenant-engine | confirm/correct `events()`; fix tracking | 2026-09-03 |
+| user-engine | tenant-boundary verification (`RISK-V-0002`) | 2026-09-03 |
+| policy-nexus | publication entries for two findings + five method docs | 2026-09-17 |
+| the-custodian | canon kinds packet | 2026-09-17 |
+| railiance-platform | backup target, cost, demonstrated restore | 2026-09-18 |
+| audit-core | is `may_read` false on every production credential | 2026-09-19 |
+| audit-core | keyed commitment; `platform-pg` co-residency horizon | 2026-11-17 |
+
+## Verify
+
+```
+make check                       # everything, including the inbox
+python3 tools/register_check.py  # just the register
+statehub fix-consistency --repo risk-nexus
+```
+
+## Known conditions
+
+- **Workplans are not indexed in the hub.** C-06 on all four: this instance is
+  not the identifier registrar. Needs a run with `STATEHUB_REGISTRAR=1` on the
+  production instance. The estate's read model cannot see any `risk-nexus`
+  workplan.
+- **C-31** fires on `RISK-F-` ids until canon registers the kinds. Packet sent.
+- **OpenBao is unverifiable from here** (403). Every grade touching an OpenBao
+  policy is a grade on a document, and says so.