Regulators globally are increasingly relying on Stress Tests to assess if the banking system is sufficiently capitalized. Also the upcoming IFRS9 impairment calculations will necessitate forward looking stress tests. While there are many types of stress tests, many rely on correlations. Historically calculated correlations, however, tend to break down in large stress events. The presentation will discuss scenario development and the construction of relevant subjective correlation structures to accompany the scenarios, and showcases visual correlation analysis for China hard landing and US real estate crisis.