This report analyzes the CERCs which have been activated and implemented, identifying challenges and good practices, for fiscal years 2012 to 2023. The main objective of this quantitative and qualitative review is to highlight overall trends in how CERCs have been incorporated into lending operations across different sectors and regions. It analyzes CERC activations in response to various disasters from natural and anthropogenic hazards and discusses the challenges faced during CERC preparation and activation. Finally, the report showcases good practices and lessons learned that contribute to effective and efficient response.