Developing a Credit Risk Management Strategy

You are a portfolio manager for a mid-sized investment firm that has recently expanded its exposure to corporate bonds. Given the increase in your portfolio's exposure to credit risk, your firm has decided to enhance its credit risk management framework.

Discuss the key elements of a credit risk management strategy that you would recommend implementing. Include the processes for identifying, measuring, monitoring, and mitigating credit risk as part of your discussion. Provide examples of tools or techniques that can be employed at each stage of the credit risk management process.