Earlier this year, when banks including Silicon Valley Bank, Signature Bank, and Credit Suisse collapsed, treasurers from various industries and regions faced a sudden urgent need to re-evaluate their exposures to risky financial institutions. They also needed to reallocate any deposits and banking business that were directly impacted by the institutions which had failed.

In many cases, organizations were able to quickly adjust their exposure to specific entities, sometimes down to the country level. And from a bird's-eye corporate perspective, the focus on counterparty risk—the risk that the other party in a transaction or relationship will fail to fulfill its contractual obligations—intensified, making counterparty risk management a more dynamic endeavor.