The firm's scenario book. The Risk Monitor polices exposure and the Factor Risk Model decomposes it — this desk asks the next question: what does the actual book lose in a crisis? Every firm-book position is re-priced through 15 named scenarios — historical replays and hypothetical macro shocks — using the Factor Risk Model's cached six-factor loadings. Each loss is attributed by desk, sector and name, and a reverse stress test solves for the move that would cost the firm 15% and 25%.