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Verb, To protect an initiative/object/project from any potential harm or derailment. It is a pre-emptive action that has to be taken to make sure that any project isn’t negatively impacted by stakeholder comments, dissemination or misinterpretation. To be applied to particularly sensitive topics that need to be safeguarded to ensure their success.

To be used in a sentence as one would “protect”. Think of it as a higher-order protection.
We have to rainguard our strategic investment initiatives.
by DirkishDelight January 27, 2011