SWITCH(TRUE(), Contains - specific conditions

The variable [Sub-sector?] in the table 'fact_countries' contains different job titles that need to be graded according to their perceived Risk into: "High Risk", "Medium "  and "Low Risk". Everything else goes into " not specified". 

Why is the below code setting all varibles to High Risk? 

Risk =

SWITCH(TRUE(),

  CONTAINS(fact_countries, fact_countries[Sub-sector?],"Derivative issuer")

     || CONTAINS(fact_countries, fact_countries[Sub-sector?],"Derivatives issuer")

    || CONTAINS(fact_countries, fact_countries[Sub-sector?],"Derivatives issuerOther")

    ,"High Risk",

   CONTAINS(fact_countries, fact_countries[Sub-sector?],"Fund manager")

    || CONTAINS(fact_countries, fact_countries[Sub-sector?],"Fund managerBrokers / Custodians")

    || CONTAINS(fact_countries, fact_countries[Sub-sector?],"Fund managerBrokers / CustodiansDIMS provider")

  ,"Medium Risk",

   CONTAINS(fact_countries, fact_countries[Sub-sector?],"Issuer of securities")

    || CONTAINS(fact_countries, fact_countries[Sub-sector?],"Other")

    || CONTAINS(fact_countries, fact_countries[Sub-sector?],"Trustee corporation / Licensed supervisor")

  ,"Low Risk",

  "Not specified"

)