We have entered a new era for counterparty risk. Continued COVID-19 related pressures are expected to lead to defaults around the world while bringing environmental, social, and governance risks to the forefront. The growing complexity posed by these intersecting risks calls for a sharp focus on counterparty assessments. This Guide describes the five steps that credit risk professionals typically take to protect their organizations from counterparty losses, some of the challenges they face, and several ways to address these challenges.