Credit, or counterparty risk can lurk in many places, not just in the obvious areas. The first challenge is to determine the source of the risk, whether it is direct, or indirect through a complex structure, or via counterparty intermediaries. Gresham identifies and assesses credit risk, bottom-up, and decomposes and quantifies credit risk to properly implement and validate risk models. We break down credit into its key constituencies, reverse engineer and improve models that are industry standard and develop more meaningful approaches for assessing credit risks.