The party is materially exposed through a channel the record supports.
The product’s working definition.
Materially exposed, through a channel the record supports rather than an obvious one: a market the party sells into, a price it pays, a rule it operates under. The consequence is real; the mechanism is what the card has to show.
How directly an event reaches a party, on the intersection cards an Event Scan or an Entity Scan renders.
Every grade here is assigned by the same rules on every scan, and the methodology page renders those rules from the code that enforces them.