As a Senior Risk Manager at a large, global financial institution, you've been tasked with redesigning the firm's enterprise-wide stress testing framework. The objective is to evolve stress testing from a purely compliance-driven exercise (e.g., CCAR/DFAST) into a truly **strategic** tool that informs capital allocation, business strategy, and risk appetite setting.
Elaborate on the key challenges you would encounter in implementing this enhanced framework, and propose a comprehensive approach to address these challenges. Your discussion should focus on integration, model governance, data quality, scenario design, and how to translate stress test results into actionable business insights, particularly considering macro-financial linkages and potential second-order effects.