Identify and mitigate risks to break-even

Enumerate the key risks that could invalidate the break‑even analysis for the RH partnership and propose specific mitigations and monitoring metrics for each: seasonality and demand shocks; substitution/cannibalization from other categories; promo abuse and short‑term churners; shifts in approval rate/credit quality and expected losses; partner underperformance vs. forecast; operational leakage (cap/stacking errors, returns); and fraud. For each risk, specify: how it would bias the BE math, the metric you’d track during the experiment (e.g., charge‑off rate by cohort, net new transactors, RH share of wallet), and at least one mitigation (e.g., cap discount per account, targeted eligibility by risk tier, cooldowns, partner funding floors, clawbacks). Describe how you’d encode these guardrails in the offer terms and test design.