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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nbu0vagz.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 Equity Nexus<\/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\">Stress testing private portfolios<\/h1><p class=\"nx-scene-lede\">Scenario design and stress testing ask how portfolio companies, funds and investors would fare under severe but plausible conditions: rate shocks, closed exit markets, physical disasters, supply failures or technology substitution. In private markets, where history is short and prices are estimated, scenarios often carry more information than statistical models.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/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-equity-nexus\/stem\/\">Back to STEM foundation of Private Equity Nexus<\/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\">Stress testing private portfolios 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\">Scenario design and stress testing<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Steward<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/risk-management\/\">Systemic Risk Management<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Applied in<\/span><span class=\"nx-register-v\">Private Equity Nexus<\/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\">4 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\">4 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\/mathematics\/scenario-stress\/\">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=\"supply\" aria-label=\"Application, Scenario model, 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, Scenario model, 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-instrument\" aria-selected=\"false\" data-key=\"p2\">Scenario model<\/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=\"supply\" 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 scenario design and stress testing does here.<\/h2><p class=\"nx-lede\">Scenario design and stress testing construct plausible, severe future conditions to examine how <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> and institutions would perform. They complement probabilistic analysis where data are scarce or futures are deeply uncertain. In capital markets and investment and industry and robotics, stress tests reveal vulnerabilities that arise when several risks materialise together. They inform capital, contingency and coordination plans across sectors. The canonical description is on <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/scenario-stress\/\">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=\"M22 12h-2.48a2 2 0 0 0-1.93 1.46l-2.35 8.36a.25.25 0 0 1-.48 0L9.24 2.18a.25.25 0 0 0-.48 0l-2.35 8.36A2 2 0 0 1 4.49 12H2\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Rate and refinancing stress<\/h3><p class=\"nx-p nx-mt-1\">Higher rates and tighter credit are applied to each holding&#8217;s debt stack and maturity profile, with sponsor and lender actions stated, to show where liquidity and covenants fail first.<\/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\"><path d=\"M12 2v2\"\/><path d=\"m4.93 4.93 1.41 1.41\"\/><path d=\"M20 12h2\"\/><path d=\"m19.07 4.93-1.41 1.41\"\/><path d=\"M15.947 12.65a4 4 0 0 0-5.925-4.128\"\/><path d=\"M3 20a5 5 0 1 1 8.9-4H13a3 3 0 0 1 2 5.24\"\/><path d=\"M11 20v2\"\/><path d=\"M7 19v2\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Physical event across a portfolio<\/h3><p class=\"nx-p nx-mt-1\">A flood or heat scenario is applied to geocoded sites and key suppliers of every holding, tracing damage and downtime into earnings, insurance recoveries and covenant headroom.<\/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=\"12\" cy=\"12\" r=\"3\"\/><circle cx=\"19\" cy=\"5\" r=\"2\"\/><circle cx=\"5\" cy=\"19\" r=\"2\"\/><path d=\"M10.4 21.9a10 10 0 0 0 9.941-15.416\"\/><path d=\"M13.5 2.1a10 10 0 0 0-9.841 15.416\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Exit freeze and investor liquidity<\/h3><p class=\"nx-p nx-mt-1\">Exits are slowed for a stated period while capital calls continue, showing how distributions, secondary sales and fund-level borrowing interact at limited partners.<\/p><\/article><\/div><\/div><\/div><\/section><section id=\"nx-sec-instrument\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-ns-layout=\"es-wide\" 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\">Scenario model<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Transition and physical risk on a portfolio.<\/h2><p class=\"nx-lede\">Three scenario families after the NGFS framework move a sector portfolio through carbon costs and warming damages; the transmission view follows the losses to lenders, investors, public finances and households. Scenario: named assumptions about the future, not a forecast.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-in nx-fk\" id=\"nx-in-rivate-equity-nexus-stem-scenario-stress-0\" data-nxi=\"transition\" data-nxi-id=\"transition\" data-nxi-z=\"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\" aria-label=\"Transition and physical risk on a portfolio\"><div class=\"nx-in-body\"><div class=\"nx-in-main\"><div class=\"nx-in-tabs\" data-nxi-tabs=\"true\" aria-label=\"Views of the model\" hidden><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"result\">Result<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"bars\">By sector<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"flow\">Transmission<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"fan\">Uncertainty<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"tornado\">Sensitivity<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"loops\">Loops<\/button><\/div><div class=\"nx-in-stage\" id=\"nx-in-rivate-equity-nexus-stem-scenario-stress-0-stage\" data-nxi-stage=\"true\" data-view=\"result\"><svg class=\"nx-in-svg\" viewBox=\"0 0 720 340\" role=\"img\" aria-label=\"Value change by scenario\" data-nx-z=\"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\"><\/svg><\/div><p class=\"nx-in-tip\" data-nxi-tip=\"true\" aria-live=\"polite\"><\/p><div class=\"nx-in-bar\" data-nxi-bar=\"true\" role=\"group\" aria-label=\"Play over time\" hidden><button type=\"button\" class=\"nx-in-btn\" data-nxi-prev=\"true\" aria-label=\"Step back\">&#8249;<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-play=\"true\" aria-pressed=\"false\">Play<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-next=\"true\" aria-label=\"Step forward\">&#8250;<\/button><span class=\"nx-in-step\" data-nxi-step=\"true\" aria-live=\"polite\"><\/span><\/div><\/div><div class=\"nx-in-side\"><p class=\"nx-eyebrow\">Controls<\/p><div class=\"nx-in-ctl\" data-nxi-ctl=\"true\"><dl class=\"nx-in-pv\"><div><dt>Carbon price at the horizon, orderly path<\/dt><dd>200 per tCO2<\/dd><\/div><div><dt>Delay before a disorderly transition<\/dt><dd>50% of horizon<\/dd><\/div><div><dt>Cost passed to customers<\/dt><dd>50%<\/dd><\/div><div><dt>Warming today above pre-industrial<\/dt><dd>1.30\u00b0C<\/dd><\/div><div><dt>Warming per decade, current policies<\/dt><dd>0.25\u00b0C<\/dd><\/div><div><dt>Damage coefficient<\/dt><dd>0.24% per \u00b0C\u00b2<\/dd><\/div><div><dt>Years ahead<\/dt><dd>25 years<\/dd><\/div><\/dl><\/div><p class=\"nx-eyebrow\">Readouts<\/p><dl class=\"nx-in-out\" data-nxi-out=\"true\" aria-live=\"polite\"><div><dt>Worst scenario at the horizon<\/dt><dd>\u221233.6% of value<\/dd><\/div><\/dl><\/div><\/div><details class=\"nx-in-more\"><summary>Numbers, methods and sources<\/summary><div class=\"nx-in-more-in\"><div class=\"nx-in-tblw\" data-nxi-table=\"true\"><table class=\"nx-in-tbl\"><thead><tr><th scope=\"col\">Year<\/th><th scope=\"col\">Orderly transition (% value)<\/th><th scope=\"col\">Delayed, disorderly transition (% value)<\/th><th scope=\"col\">Current policies (% value)<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">0<\/th><td>\u22120.38<\/td><td>\u22120.38<\/td><td>\u22120.38<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>\u22122.87<\/td><td>\u22120.53<\/td><td>\u22120.67<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>\u22125.36<\/td><td>\u22120.68<\/td><td>\u22120.97<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>\u22127.84<\/td><td>\u22120.84<\/td><td>\u22121.27<\/td><\/tr><tr><th scope=\"row\">12<\/th><td>\u221210.33<\/td><td>\u22120.99<\/td><td>\u22121.57<\/td><\/tr><tr><th scope=\"row\">15<\/th><td>\u221212.82<\/td><td>\u22127.12<\/td><td>\u22121.87<\/td><\/tr><tr><th scope=\"row\">18<\/th><td>\u221215.31<\/td><td>\u221215.05<\/td><td>\u22122.17<\/td><\/tr><tr><th scope=\"row\">21<\/th><td>\u221217.80<\/td><td>\u221223.00<\/td><td>\u22122.48<\/td><\/tr><tr><th scope=\"row\">24<\/th><td>\u221220.29<\/td><td>\u221230.94<\/td><td>\u22122.79<\/td><\/tr><\/tbody><\/table><\/div><button type=\"button\" class=\"nx-in-btn\" data-nxi-csv=\"true\" hidden>Download the numbers (CSV)<\/button><h4 class=\"nx-h4\">Methods<\/h4><ol class=\"nx-in-meth\"><li>Climate scenario families <span class=\"nx-in-cite\">NGFS (2023), Climate Scenarios for central banks and supervisors, Phase IV<\/span><\/li><li>Climate stress test of the financial system <span class=\"nx-in-cite\">Battiston and others (2017), Nature Climate Change 7<\/span><\/li><li>Damage function <span class=\"nx-in-cite\">Nordhaus (2017), Revisiting the social cost of carbon, PNAS 114<\/span><\/li><li>Transmission channels <span class=\"nx-in-cite\">BCBS (2021), Climate-related risk drivers and their transmission channels<\/span><\/li><li>Uncertainty fan (parameter Monte Carlo) <span class=\"nx-in-cite\">Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333<\/span><\/li><li>One-at-a-time sensitivity (tornado) <span class=\"nx-in-cite\">Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley<\/span><\/li><\/ol><h4 class=\"nx-h4\">Data<\/h4><p class=\"nx-p\">The model runs on the teaching values set by the controls. To calibrate it for a place, read it against these admitted layers and series, which this page&#8217;s map can draw:<\/p><ul class=\"nx-in-src\"><li>Urban extents <span class=\"nx-in-cite\">Natural Earth<\/span><\/li><li>Seaports <span class=\"nx-in-cite\">Natural Earth<\/span><\/li><li>Past year, daily temperature (ERA5 via Open-Meteo) <span class=\"nx-in-cite\">Open-Meteo.com (CC BY 4.0), Copernicus ERA5 (C3S\/ECMWF) \u00b7 register open-meteo.public-pages<\/span><\/li><li>Surface air temperature, daytime (AIRS) <span class=\"nx-in-cite\">NASA AIRS \u00b7 register nasa.gibs.context-live-layers<\/span><\/li><\/ul><\/div><\/details><figcaption class=\"nx-caption\">Transition and physical risk on a portfolio. Illustrative teaching model: it runs on the values set by the controls, not on measured data. Methods: Climate scenario families (NGFS (2023), Climate Scenarios for central banks and supervisors, Phase IV); Climate stress test of the financial system (Battiston and others (2017), Nature Climate Change 7); Damage function (Nordhaus (2017), Revisiting the social cost of carbon, PNAS 114).<\/figcaption><div class=\"nx-in-pls\"><p class=\"nx-eyebrow\">Across the six pillars, led by Nexus Consortium<\/p><ul class=\"nx-in-pl\" aria-label=\"Where this instrument connects across the pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Experiments<\/span> <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Built in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/foundry\/\">Private Equity Nexus in Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Tested at<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/universe\/\">Private Equity Nexus in Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Codified in<\/span> <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/\">Finance, Insurance and the Economy in Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Published in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/reports\/\">Private Equity Nexus in Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Taught in<\/span> <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/finance-economics\/\">Faculty of Finance and Economics in Academy<\/a><\/li><\/ul><\/div><span class=\"nx-in-keep\" hidden><i data-c=\"c1\"><\/i><i data-c=\"c2\"><\/i><i data-c=\"c3\"><\/i><i data-c=\"c4\"><\/i><i data-c=\"c5\"><\/i><i data-c=\"c6\"><\/i><i data-c=\"l0\"><\/i><i data-c=\"l1\"><\/i><i data-c=\"l2\"><\/i><i data-c=\"l3\"><\/i><i data-c=\"l5\"><\/i><i data-c=\"h3\"><\/i><i data-c=\"neg\"><\/i><i data-c=\"on0\"><\/i><i data-c=\"on1\"><\/i><i data-l=\"0\"><\/i><i data-l=\"1\"><\/i><i data-l=\"2\"><\/i><i data-l=\"3\"><\/i><i data-l=\"4\"><\/i><i data-l=\"5\"><\/i><i data-on=\"0\"><\/i><i data-on=\"1\"><\/i><i data-pol=\"p\"><\/i><i data-pol=\"n\"><\/i><i data-k=\"R\"><\/i><i data-k=\"B\"><\/i><i data-k=\"dash\"><\/i><i data-dash=\"true\"><\/i><i data-view=\"result\"><\/i><i data-nxi-live=\"on\"><\/i><i data-nxi-live=\"off\"><\/i><i class=\"nx-in-svg nx-in-grid nx-in-ax nx-in-tk nx-in-at nx-in-ln nx-in-band nx-in-lbl nx-in-lk nx-in-ref nx-in-reft nx-in-mk nx-in-x nx-in-rect nx-in-val nx-in-rowl nx-in-cl nx-in-arrow nx-in-pol nx-in-cln nx-in-loop nx-in-edge nx-in-node nx-in-nl nx-in-reach nx-in-trib nx-in-agent nx-in-flow nx-in-legend nx-in-sw nx-in-note nx-in-loops nx-in-3d nx-in-cv nx-in-field nx-in-fl nx-in-fv nx-in-range nx-in-btn nx-in-err nx-in-tbl nx-in-cite\"><\/i><\/span><\/figure><\/div><\/div><\/section><section id=\"nx-sec-data\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" 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 scenario design and stress testing 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-equity-nexus\/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\">Supervisory scenarios (Bank of England, ECB, Federal Reserve)<\/td><td data-label=\"Role\">Severity and macro paths<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><tr><td data-label=\"Data\">NGFS climate scenarios<\/td><td data-label=\"Role\">Physical and transition pathways<\/td><td data-label=\"Label\"><span class=\"nx-chip\">MODELLED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Historical market episodes<\/td><td data-label=\"Role\">Analogues for severity and timing<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Portfolio company and fund data<\/td><td data-label=\"Role\">Exposures and balance sheets<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"data\" data-nxf-kind=\"data\" data-nxf-resource=\"nexus:\/\/gra\/A07\/stem\/scenario-stress\/#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\/A07\/stem\/scenario-stress\/#evidence\" data-nxf-title=\"Evidence\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Exposure, loss and capital, Validation, Connections\"><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=\"Exposure, loss and capital, Validation, Connections\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-audience\" aria-selected=\"true\" data-key=\"p1\">Exposure, loss and capital<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-checks\" aria-selected=\"false\" data-key=\"p2\">Validation<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-3\" aria-controls=\"nx-sec-connections\" aria-selected=\"false\" data-key=\"p3\">Connections<\/button><\/div><section id=\"nx-sec-audience\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-5\" 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\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Exposure, loss and capital<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">What stress testing private portfolios 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=\"scenario-pathways\"><h3 class=\"nx-h4\">Scenario pathways<\/h3><p class=\"nx-p nx-au-what\">How stress testing private portfolios could be stressed under the scenario families central banks and supervisors use.<\/p><div class=\"nx-au-fig\"><svg class=\"nx-au-svg\" viewBox=\"0 0 560 214\" role=\"img\" aria-label=\"Combined transition and physical pressure under three scenario families\" focusable=\"false\"><line class=\"nx-au-ax\" x1=\"46\" y1=\"190\" x2=\"450\" y2=\"190\"\/><line class=\"nx-au-ax\" x1=\"46\" y1=\"16\" x2=\"46\" y2=\"190\"\/><path class=\"nx-au-ln\" d=\"M46 155.2l80.8-38.3 80.8-13.9 80.8 7 80.8 10.4 80.8 8.7\"\/><text class=\"nx-au-t\" x=\"458\" y=\"133.1\" text-anchor=\"start\">Orderly<\/text><path class=\"nx-au-ac\" d=\"M46 155.2l80.8-3.5 80.8-13.9 80.8-73.1 80.8 10.5 80.8 19.1\"\/><text class=\"nx-au-t\" x=\"458\" y=\"98.3\" text-anchor=\"start\">Disorderly<\/text><path class=\"nx-au-ln nx-au-dash\" d=\"M46 155.2l80.8-7 80.8-10.4 80.8-13.9 80.8-20.9 80.8-27.8\"\/><text class=\"nx-au-t\" x=\"458\" y=\"79.16\" text-anchor=\"start\">Hot house world<\/text><text class=\"nx-au-t\" x=\"46\" y=\"206\" text-anchor=\"middle\">2025<\/text><text class=\"nx-au-t\" x=\"126.8\" y=\"206\" text-anchor=\"middle\">2030<\/text><text class=\"nx-au-t\" x=\"207.6\" y=\"206\" text-anchor=\"middle\">2035<\/text><text class=\"nx-au-t\" x=\"288.4\" y=\"206\" text-anchor=\"middle\">2040<\/text><text class=\"nx-au-t\" x=\"369.2\" y=\"206\" text-anchor=\"middle\">2045<\/text><text class=\"nx-au-t\" x=\"450\" y=\"206\" text-anchor=\"middle\">2050<\/text><text class=\"nx-au-t\" x=\"40\" y=\"33.4\" text-anchor=\"end\">high<\/text><text class=\"nx-au-t\" x=\"40\" y=\"172.6\" text-anchor=\"end\">low<\/text><\/svg><\/div><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Scenario family<\/th><th scope=\"col\">Transition risk<\/th><th scope=\"col\">Physical risk<\/th><th scope=\"col\">What a stress test asks<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Scenario family\">Orderly<\/td><td data-label=\"Transition risk\">Early, gradual policy<\/td><td data-label=\"Physical risk\">Lower<\/td><td data-label=\"What a stress test asks\">Can the book absorb a steady repricing?<\/td><\/tr><tr><td data-label=\"Scenario family\">Disorderly<\/td><td data-label=\"Transition risk\">Late, abrupt policy<\/td><td data-label=\"Physical risk\">Lower to medium<\/td><td data-label=\"What a stress test asks\">What breaks under a sudden repricing and credit migration?<\/td><\/tr><tr><td data-label=\"Scenario family\">Hot house world<\/td><td data-label=\"Transition risk\">Limited policy<\/td><td data-label=\"Physical risk\">High and rising<\/td><td data-label=\"What a stress test asks\">Where do physical losses concentrate in collateral and insurance?<\/td><\/tr><\/tbody><\/table><\/div><figcaption class=\"nx-caption\"><span>Scenario families as defined by the NGFS; the curves are an illustrative combined pressure index, not NGFS variables or forecasts.<\/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-checks\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" data-variant=\"stack\" aria-labelledby=\"nx-s-6\" 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\">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\">Scenarios are reviewed for plausibility, internal consistency and severity relative to history. Exercise outcomes are compared with actual events when they occur.<\/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\">Severity against history<\/td><td data-label=\"How it is done\">Each scenario is compared with past episodes and its relative severity stated<\/td><\/tr><tr><td data-label=\"Check\">Internal consistency<\/td><td data-label=\"How it is done\">Rates, spreads, valuations and exits move together in ways the scenario narrative explains<\/td><\/tr><tr><td data-label=\"Check\">Stated management actions<\/td><td data-label=\"How it is done\">Sponsor, lender and investor responses are listed and tested with and without them<\/td><\/tr><tr><td data-label=\"Check\">Reverse stress testing<\/td><td data-label=\"How it is done\">The conditions that would breach a stated tolerance are identified, not only the outcome of a chosen scenario<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-3\">Scenario choice can reflect prevailing assumptions and miss novel combinations. Results depend on how participants and models represent responses.<\/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-3\"><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-equity-nexus\/topics\/portfolio-company-resilience\/\"><span>Portfolio company resilience<\/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-equity-nexus\/topics\/private-market-governance\/\"><span>Private market governance<\/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-equity-nexus\/topics\/technology-and-business-model-risk\/\"><span>Technology and business model risk<\/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-equity-nexus\/topics\/physical-risk-to-assets\/\"><span>Physical risk to assets<\/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-equity-nexus\/topics\/industrial-and-supply-exposure\/\"><span>Industrial and supply exposure<\/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-equity-nexus\/topics\/debt-and-refinancing\/\"><span>Debt 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-equity-nexus\/topics\/valuation-uncertainty\/\"><span>Valuation uncertainty<\/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-equity-nexus\/topics\/exit-and-liquidity\/\"><span>Exit and liquidity<\/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><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"supply\" aria-label=\"Stewardship, 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=\"Stewardship, Connected, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-sec-stewardship\" aria-selected=\"true\" data-key=\"p1\">Stewardship<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-s-9-sec\" aria-selected=\"false\" data-key=\"p2\">Connected<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-3\" aria-controls=\"nx-s-10-sec\" aria-selected=\"false\" data-key=\"p3\">Questions<\/button><\/div><section id=\"nx-sec-stewardship\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" data-variant=\"split\" aria-labelledby=\"nx-s-8\" 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\">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:\/\/therisk.global\/risk-management\/\">Systemic Risk Management<\/a> stewards scenario design and stress testing 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\/mathematics\/scenario-stress\/\">Canonical page: Scenario design and stress testing<\/a><\/p><\/div><\/div><\/section><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-2\"><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:\/\/therisk.global\/risk-management\/stem\/scenario-stress\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Steward platform<\/span><span class=\"nx-dest-host\"><abbr title=\"The Global Centre for Risk and Innovation\">GCRI<\/abbr><\/span><\/span><span class=\"nx-dest-title\">Scenario design and stress testing<\/span><span class=\"nx-dest-why\">Systemic Risk Management 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=\"supply\" aria-labelledby=\"nx-s-10\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-3\"><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 scenario design and stress testing in this field?<\/summary><div class=\"nx-answer\">Scenario choice can reflect prevailing assumptions and miss novel combinations. Results depend on how participants and models represent responses.<\/div><\/details><details><summary>How are results checked?<\/summary><div class=\"nx-answer\">Scenarios are reviewed for plausibility, internal consistency and severity relative to history. Exercise outcomes are compared with actual events when they occur.<\/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\/mathematics\/scenario-stress\/\">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. 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