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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n114j83o.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-scene nx-es-scene\" data-scene=\"text\" data-ground=\"none\" data-es-org=\"gra\" aria-labelledby=\"nx-scene-title\"><div class=\"nx-scene-intro nx-es-intro\"><p class=\"nx-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 Private Credit<\/p><span class=\"nx-scene-rule\" aria-hidden=\"true\"><\/span><p class=\"nx-scene-accent nx-es-sig\"><strong>Spatial finance<\/strong><span>Where capital meets hazard, exposure and transition<\/span><\/p><h1 id=\"nx-scene-title\" class=\"nx-scene-title\">Financial and risk engineering for private credit<\/h1><p class=\"nx-scene-lede\">Financial engineering designs and values the instruments private credit uses: unitranche loans, PIK features, fund finance, back leverage and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-transfer\" data-tk=\"Nexus risk vocabulary\" data-td=\"Shifting the financial consequences of a risk from one party to another, typically through insurance, reinsurance, bonds or contracts, without reducing the hazard itself.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk transfer<\/a>. On this platform it explains how structures allocate risk and how they are valued without market prices.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/write-to-us\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-credit\/stem\/\">Back to STEM foundation of Private Credit<\/a><\/div><\/div><\/section><section id=\"nx-s-1-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Register<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">Financial and risk engineering for private credit on the record.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"console\"><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Method record<\/strong><\/span><span class=\"nx-eyebrow\">STEM method<\/span><\/div><ol class=\"nx-register-rows\"><li><div><span class=\"nx-register-k\">Method<\/span><span class=\"nx-register-v\">Financial and risk engineering<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Steward<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/actuarial-quantitative-risk\/\">Actuarial and Quantitative Risk<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Applied in<\/span><span class=\"nx-register-v\">Private Credit<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Data<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"#nx-sec-data\">3 inputs<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Checks<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"#nx-sec-checks\">3 validation steps<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Canonical page<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\">STEM Commons<\/a><\/span><\/div><\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-1\" data-hue=\"finance\" aria-label=\"Application, Exposure, loss and capital, Data\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Application, Exposure, loss and capital, Data\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-1\" aria-controls=\"nx-sec-application\" aria-selected=\"true\" data-key=\"p1\">Application<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-2\" aria-controls=\"nx-sec-audience\" aria-selected=\"false\" data-key=\"p2\">Exposure, loss and capital<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-3\" aria-controls=\"nx-sec-data\" aria-selected=\"false\" data-key=\"p3\">Data<\/button><\/div><section id=\"nx-sec-application\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-2\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Application<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">What financial and risk engineering does here.<\/h2><p class=\"nx-lede\">Financial and risk engineering designs instruments, models and processes to measure, price and transfer risk. It applies quantitative methods to portfolios, insurance and risk-sharing arrangements. In capital markets and investment and financial stability, financial engineering enables physical and operational risks to be priced and transferred to capital markets. It informs the design of instruments that fund prevention and recovery. The canonical description is on <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\">the STEM Commons<\/a>.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cols\"><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m12.83 2.18a2 2 0 0 0-1.66 0L2.6 6.08a1 1 0 0 0 0 1.83l8.58 3.91a2 2 0 0 0 1.66 0l8.58-3.9a1 1 0 0 0 0-1.83Z\"\/><path d=\"m22 17.65-9.17 4.16a2 2 0 0 1-1.66 0L2 17.65\"\/><path d=\"m22 12.65-9.17 4.16a2 2 0 0 1-1.66 0L2 12.65\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Loan valuation models<\/h3><p class=\"nx-p nx-mt-1\">Discounted cash flow and yield-based approaches to valuing private loans are compared, with the sensitivity of marks to spread and default assumptions shown.<\/p><\/article><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect width=\"8\" height=\"8\" x=\"3\" y=\"3\" rx=\"2\"\/><path d=\"M7 11v4a2 2 0 0 0 2 2h4\"\/><rect width=\"8\" height=\"8\" x=\"13\" y=\"13\" rx=\"2\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Fund leverage structures<\/h3><p class=\"nx-p nx-mt-1\">Subscription lines, NAV facilities and back leverage are analysed for how they amplify returns and losses at fund level.<\/p><\/article><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"6\" cy=\"19\" r=\"3\"\/><path d=\"M9 19h8.5a3.5 3.5 0 0 0 0-7h-11a3.5 3.5 0 0 1 0-7H15\"\/><circle cx=\"18\" cy=\"5\" r=\"3\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Synthetic risk transfer<\/h3><p class=\"nx-p nx-mt-1\">Credit protection structures between banks and funds are explained for how they move risk, capital relief and counterparty exposure.<\/p><\/article><\/div><\/div><\/div><\/section><section id=\"nx-sec-audience\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-3\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Exposure, loss and capital<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">What it means for exposure, loss and capital.<\/h2><p class=\"nx-lede\">The exposure, loss, scenario and capital views a risk officer, supervisor or ministry of finance would ask for, with the frameworks they report against. Structures follow supervisory and actuarial practice. Values are illustrative: never prices, ratings or advice.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-au\" data-au-voice=\"finance\" data-au-n=\"1\"><figure class=\"nx-au-c\" data-au-fig=\"capital-fiscal\"><h3 class=\"nx-h4\">Capital, solvency and fiscal indicators<\/h3><p class=\"nx-p nx-au-what\">The indicators a risk officer, supervisor or ministry of finance reads first on financial and risk engineering for private credit.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Who reads it<\/th><th scope=\"col\">Framework<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">CET1 ratio<\/td><td data-label=\"Unit\">% of risk-weighted assets<\/td><td data-label=\"Who reads it\">Banks, supervisors<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Liquidity coverage ratio<\/td><td data-label=\"Unit\">% of stressed outflows<\/td><td data-label=\"Who reads it\">Banks, central banks<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Solvency ratio<\/td><td data-label=\"Unit\">% of solvency capital requirement<\/td><td data-label=\"Who reads it\">Insurers, supervisors<\/td><td data-label=\"Framework\">IAIS Insurance Core Principles<\/td><\/tr><tr><td data-label=\"Indicator\">Combined ratio<\/td><td data-label=\"Unit\">% of earned premium<\/td><td data-label=\"Who reads it\">Insurers<\/td><td data-label=\"Framework\">Actuarial practice<\/td><\/tr><tr><td data-label=\"Indicator\">Protection gap<\/td><td data-label=\"Unit\">uninsured share of economic loss<\/td><td data-label=\"Who reads it\">Insurers, ministries of finance<\/td><td data-label=\"Framework\">Published loss statistics<\/td><\/tr><tr><td data-label=\"Indicator\">Public debt<\/td><td data-label=\"Unit\">% of GDP<\/td><td data-label=\"Who reads it\">Ministries of finance, IMF<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><tr><td data-label=\"Indicator\">Gross financing needs<\/td><td data-label=\"Unit\">% of GDP per year<\/td><td data-label=\"Who reads it\">Ministries of finance, investors<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><\/tbody><\/table><\/div><figcaption class=\"nx-caption\"><span>Source: the frameworks named in each row. Indicator names, units and frameworks only; values belong to each institution&#8217;s own reporting and are never shown here.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-chips nx-au-fw\" aria-label=\"Frameworks cited\"><span class=\"nx-chip\">NGFS climate scenarios \u00b7 Network for Greening the Financial System<\/span><span class=\"nx-chip\">IFRS S2 Climate-related Disclosures \u00b7 ISSB<\/span><span class=\"nx-chip\">TCFD recommendations \u00b7 Financial Stability Board TCFD<\/span><span class=\"nx-chip\">Principles for the effective management of climate-related financial risks \u00b7 Basel Committee on Banking Supervision<\/span><\/div><\/div><\/div><\/section><section id=\"nx-sec-data\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-4\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Data<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">What the method consumes.<\/h2><p class=\"nx-lede\">Datasets and records used by financial and risk engineering on this platform, with the role each plays and the label its values carry. Sources are listed in <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/research\/sources\/\">the source register<\/a>.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Data<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Data\">Loan terms and cash flows<\/td><td data-label=\"Role\">Valuation inputs<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Comparable market spreads<\/td><td data-label=\"Role\">Pricing reference<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Facility terms<\/td><td data-label=\"Role\">Leverage structure<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"data\" data-nxf-kind=\"data\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/stem\/financial-engineering\/#data\" data-nxf-title=\"Method record\" data-nxf-height=\"520\" hidden><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A-P10\/stem\/financial-engineering\/#evidence\" data-nxf-title=\"Evidence\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-s-5-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Process<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">How the process runs.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><div class=\"nx-launch\" id=\"explore-nx-pe-catmodel\" data-kind=\"explorer\" data-js><div class=\"nx-launch-row\"><div class=\"nx-launch-text\"><p class=\"nx-launch-eb\">Process explorer \u00b7 Process<\/p><h3 class=\"nx-launch-t\" id=\"explore-nx-pe-catmodel-t\">Financial and risk engineering for private credit: Catastrophe model pipeline<\/h3><p class=\"nx-launch-facts\"><span>10 steps<\/span><span class=\"nx-launch-sep\" aria-hidden=\"true\">\u00b7<\/span><span>5 stages<\/span><\/p><\/div><button type=\"button\" class=\"nx-launch-open\" aria-expanded=\"false\" aria-controls=\"explore-nx-pe-catmodel-body\" data-open-label=\"Open explorer\" data-close-label=\"Close explorer\"><svg class=\"nx-launch-i nx-launch-play\" viewBox=\"0 0 14 14\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M2.5 1v12L13 7z\"\/><\/svg><svg class=\"nx-launch-i nx-launch-x\" viewBox=\"0 0 14 14\" aria-hidden=\"true\" focusable=\"false\"><path d=\"m2.5 2.5 9 9m0-9-9 9\"\/><\/svg><span>Open explorer<\/span><\/button><\/div><div class=\"nx-launch-body\" id=\"explore-nx-pe-catmodel-body\" role=\"region\" aria-labelledby=\"explore-nx-pe-catmodel-t\" tabindex=\"-1\"><div class=\"nx-pe\" id=\"nx-pe-catmodel\" data-nx-pe=\"nx-pe-catmodel\" data-active=\"catmodel\"><div class=\"nx-pe-shell\"><p class=\"nx-pe-eb\">Process<\/p><h2 class=\"nx-pe-title\">Financial and risk engineering for private credit: Catastrophe model pipeline<\/h2><p class=\"nx-pe-cap\">Catastrophe models usually have hazard, vulnerability, exposure and financial modules, and produce loss tables, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 average-annual-loss\" data-tk=\"Nexus risk vocabulary\" data-td=\"The long-run expected loss per year, averaged over all possible events; it equals the area under the loss exceedance curve.\" data-ts=\"NRS-C1\" data-tr=\"draft\">average annual loss<\/a>, exceedance curves, PML and TVaR.<\/p><ol class=\"nx-pe-steps\"><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">01 Hazard<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">01<\/span><span class=\"nx-pe-st\">Event catalogue<\/span><span class=\"nx-pe-k\">Dataset \u00b7 Model developer<\/span><span class=\"nx-pe-sm\">The hazard module holds a large catalogue of simulated events that represents a wide range of plausible scenarios.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">03<\/span><span class=\"nx-pe-st\">Hazard module<\/span><span class=\"nx-pe-k\">Model \u00b7 Model developer<\/span><span class=\"nx-pe-sm\">For each event the hazard module gives the local <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 hazard-intensity\" data-tk=\"Nexus risk vocabulary\" data-td=\"The physical or functional strength of a hazard at a location, expressed through a measure appropriate to that hazard, such as depth, speed, shaking or concentration.\" data-ts=\"NRS-C1\" data-tr=\"draft\">hazard intensity<\/a> that the vulnerability module reads.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">02 Exposure and damage<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">02<\/span><span class=\"nx-pe-st\">Exposure<\/span><span class=\"nx-pe-k\">Dataset \u00b7 Portfolio manager<\/span><span class=\"nx-pe-sm\">The exposure module houses the portfolio data, such as location-specific information.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">04<\/span><span class=\"nx-pe-st\">Vulnerability module<\/span><span class=\"nx-pe-k\">Model \u00b7 Model developer<\/span><span class=\"nx-pe-sm\">The vulnerability module quantifies the expected damage to the exposures from an event.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">03 Financial<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">05<\/span><span class=\"nx-pe-st\">Financial module<\/span><span class=\"nx-pe-k\">Model \u00b7 Portfolio manager<\/span><span class=\"nx-pe-sm\">The financial module calculates losses from all event scenarios. Ground-up, gross and net losses differ as shown below.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">06<\/span><span class=\"nx-pe-st\">Event loss table<\/span><span class=\"nx-pe-k\">Dataset \u00b7 Portfolio manager<\/span><span class=\"nx-pe-sm\">An event loss table lists each event with its annual occurrence probability and its loss for the portfolio.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">07<\/span><span class=\"nx-pe-st\">Year loss table<\/span><span class=\"nx-pe-k\">Dataset \u00b7 Portfolio manager<\/span><span class=\"nx-pe-sm\">Some models also sample simulated years from event losses. This outline does not describe their format.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">04 Metrics<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">08<\/span><span class=\"nx-pe-st\"><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 exceedance-probability\" data-tk=\"Nexus risk vocabulary\" data-td=\"The probability that a quantity will reach or exceed a given level over a given period.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Exceedance probability<\/a> curves<\/span><span class=\"nx-pe-k\">Model \u00b7 Portfolio manager<\/span><span class=\"nx-pe-sm\">The occurrence curve gives the chance that the largest loss in a year exceeds an amount. The aggregate curve does so for the sum of losses.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">09<\/span><span class=\"nx-pe-st\">AAL, PML and TVaR<\/span><span class=\"nx-pe-k\">Model \u00b7 Portfolio manager<\/span><span class=\"nx-pe-sm\">Average annual loss sums event probability times loss. PML is one point on the occurrence curve.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">05 Use of results<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">10<\/span><span class=\"nx-pe-st\">Use of results<\/span><span class=\"nx-pe-k\">Decision \u00b7 Portfolio manager<\/span><span class=\"nx-pe-sm\">The tail metrics are used when considering a portfolio&#8217;s exposure and the level of catastrophe reinsurance an insurer requires.<\/span><\/li><\/ol><\/li><\/ol><p class=\"nx-pe-foot\"><span>Outline of an external standard or method, from its public sources. It describes what the framework says, not a record of any run. It does not show that Nexus or any partner performs, certifies or approves a step. A gate is a step of the method, never a Nexus approval.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-hue=\"finance\" aria-label=\"Validation, Connections, Stewardship\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Validation, Connections, Stewardship\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-checks\" aria-selected=\"true\" data-key=\"p1\">Validation<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-connections\" aria-selected=\"false\" data-key=\"p2\">Connections<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-3\" aria-controls=\"nx-sec-stewardship\" aria-selected=\"false\" data-key=\"p3\">Stewardship<\/button><\/div><section id=\"nx-sec-checks\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-6\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Validation<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">How results are checked.<\/h2><p class=\"nx-lede\">Models are back-tested, benchmarked against alternatives and reviewed by independent validation functions. Stress tests probe behaviour beyond historical data.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"ledger\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Check<\/th><th scope=\"col\">How it is done<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Check\">Sensitivity reporting<\/td><td data-label=\"How it is done\">Valuations show sensitivity to key inputs<\/td><\/tr><tr><td data-label=\"Check\">Comparable selection<\/td><td data-label=\"How it is done\">Comparables used are documented<\/td><\/tr><tr><td data-label=\"Check\">Structure mapping<\/td><td data-label=\"How it is done\">Who bears each loss layer is stated<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-3\">Models calibrated to normal markets can underestimate tail losses and correlation shifts. Complex instruments may obscure where risk ultimately sits.<\/p><\/div><\/div><\/section><section id=\"nx-sec-connections\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-7\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connections<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Topics that rely on this method.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/direct-lending\/\"><span>Direct lending<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/leverage-and-refinancing\/\"><span>Leverage and refinancing<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/valuation-and-data-gaps\/\"><span>Valuation and data gaps<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/liquidity-and-redemptions\/\"><span>Liquidity and redemptions<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/insurance-and-private-credit\/\"><span>Insurance and private credit<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-credit\/topics\/stress-scenario-methods\/\"><span>Stress scenario methods<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-stewardship\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-8\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Stewardship<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Who maintains the method.<\/h2><p class=\"nx-lede\"><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/actuarial-quantitative-risk\/\">Actuarial and Quantitative Risk<\/a> stewards financial and risk engineering for the Consortium and reviews how it is applied across platforms.<\/p><\/div><div class=\"nx-section-body\"><p class=\"nx-p\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\">Canonical page: Financial and risk engineering<\/a><\/p><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Connected, Questions\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Connected, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-s-9-sec\" aria-selected=\"true\" data-key=\"p1\">Connected<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-s-10-sec\" aria-selected=\"false\" data-key=\"p2\">Questions<\/button><\/div><section id=\"nx-s-9-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-9\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connected<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Where this page leads across the Consortium.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/actuarial-quantitative-risk\/stem\/financial-engineering\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Steward platform<\/span><span class=\"nx-dest-host\">GRA<\/span><\/span><span class=\"nx-dest-title\">Financial and risk engineering for actuarial and quantitative risk<\/span><span class=\"nx-dest-why\">Actuarial and Quantitative Risk stewards this method.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-10-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-10\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What are the limits of financial and risk engineering in this field?<\/summary><div class=\"nx-answer\">Models calibrated to normal markets can underestimate tail losses and correlation shifts. Complex instruments may obscure where risk ultimately sits.<\/div><\/details><details><summary>How are results checked?<\/summary><div class=\"nx-answer\">Models are back-tested, benchmarked against alternatives and reviewed by independent validation functions. Stress tests probe behaviour beyond historical data.<\/div><\/details><details><summary>Are the values on this page real?<\/summary><div class=\"nx-answer\">The data names, roles and checks are real descriptions of practice. The canvas shows a design of the method&#8217;s use, not a run; no result is reported here.<\/div><\/details><details><summary>Where else is this method applied?<\/summary><div class=\"nx-answer\">The <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\">canonical method page<\/a> lists every platform that applies it.<\/div><\/details><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Contribute evidence from this page.<\/h2><p class=\"nx-lede\"><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a> is the Consortium&#8217;s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.<\/p><div class=\"nx-chips\"><span class=\"nx-chip\">Global Risks Alliance<\/span><span class=\"nx-chip\">Private Credit<\/span><span class=\"nx-chip\">Finance and Insurance Readiness<\/span><span class=\"nx-chip\">Scenario and Stress-Test<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/private-credit\/write-to-us\/contact\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Email<\/span><span class=\"nx-dest-host\">Gateway GW-GRA<\/span><\/span><span class=\"nx-dest-title\">Send it from this page<\/span><span class=\"nx-dest-why\">Evidence, a correction, a case, a method, a review, a translation or profile input. It arrives tagged with this page, so the editor who owns it receives it.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/open-science\/#nx-sec-zenodo\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Zenodo<\/span><span class=\"nx-dest-host\">Open deposit<\/span><\/span><span class=\"nx-dest-title\">Deposit it and submit to the community<\/span><span class=\"nx-dest-why\">Publish your own record on Zenodo with your ORCID iD, then submit it to the Reports community there. Curators review it; the DOI stays yours.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/contribute\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Reports<\/span><span class=\"nx-dest-host\">Global Risks Alliance<\/span><\/span><span class=\"nx-dest-title\">See every way to contribute<\/span><span class=\"nx-dest-why\">The contribution types, how each is reviewed, what credit you receive, the licence and what is never accepted.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><div class=\"nx-live-slot\" data-nxf-slot=\"contribute\" data-nxf-kind=\"workflow\" data-nxf-resource=\"nexus:\/\/gra\/private-credit\/stem\/financial-engineering#contribute\" data-nxf-title=\"Contribute evidence\" data-nxf-height=\"480\" hidden><\/div><p class=\"nx-note nx-mt-3\">Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.<\/p><\/div><\/div><\/section><section class=\"nx-section nx-deeper-band\" aria-labelledby=\"nx-deeper-ce-com-private-credit-stem-financial-engineering-h\"><div class=\"nx-container\"><nav class=\"nx-deeper\" aria-labelledby=\"nx-deeper-ce-com-private-credit-stem-financial-engineering-h\" data-nx-deeper=\"3\" data-nx-resources=\"1 1 1\"><h2 class=\"nx-deeper-h\" id=\"nx-deeper-ce-com-private-credit-stem-financial-engineering-h\">Go deeper<\/h2><ul><li><a href=\"https:\/\/docs.therisk.global\/organization\/programme\/the-programme-year\" data-ext><span class=\"nx-deeper-k\">Documentation:<\/span> The programme year<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/risksacademy.com\/finance-economics\/banking-credit\/\" data-ext><span class=\"nx-deeper-k\">Academy:<\/span> Banking and credit risk<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/nexustandards.com\/finance\/financial-and-economic-risk-standards\/\" data-ext><span class=\"nx-deeper-k\">Standards:<\/span> Financial and economic risk standards<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><\/ul><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-11\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Private Credit<\/span><h2 id=\"nx-close-11\" class=\"nx-section-title\">Bring an exposure or capital question to the Alliance.<\/h2><p class=\"nx-lede\">Information and enquiries are open today. 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