Risk management analysis is performed on an ongoing basis through periodic and ad hoc analyses, with regular reporting to the IPC. The Capital Markets Innovation (CMI) team conducts monthly forward-looking analyses of expected impact from portfolio country, sector and style characteristics and evaluates portfolio sensitivity to macro exposures such as interest rates, commodity prices and currencies. The CMI team also produces ad hoc pre- and post-trade analyses to identify potential impacts of tactical or strategic changes on portfolio exposures, cross correlation of securities, liquidity and ownership levels. On a prescriptive basis, risk management helps the IPC determine areas of focus for additional analysis and scrutiny, potentially guiding portfolio changes at both macro and stock-specific levels. Short and medium term risks are assessed on an ongoing basis by the Securities and Capital Markets teams.