In addition to monitoring vulnerabilities under our four-part framework, we also consult a broad range of contacts regarding sources of risk that might trigger distress at any given time.
For example, discussions with contacts currently point to risks emanating from the normalization of monetary policy in the United States and elsewhere, the unsettled state of trade negotiations, Brexit negotiations, budget discussions between Italy and the European Union, and cyber-related disruptions. 12 Having identified possible triggers, we can assess how a particular trigger is likely to interact with known vulnerabilities.