Scope maintains a permanent and effective compliance function, which operates independently. Its role is to advise the credit rating agency and its employees and managers on regulatory requirements, Scope's code(s) of conduct, its policies and internal procedures and to monitor adherence to those rules. The Chief Compliance Officer reports directly to the Management of Scope Ratings and the independent members of the Administrative Board.
Scope has established a Review Function responsible for periodically reviewing methodologies, models and key rating assumptions. The Review Function also manages necessary changes or modifications thereto and assesses their appropriateness. The Review Function operates independently from both the business lines, which are responsible for credit rating activities, and the Business Development and Commercial department. It reports to the members of the Administrative Board and to the Management of Scope Ratings.
Scope has installed a central risk management system that identifies and assesses the risks and control mechanisms of CRA and all Group entities. The risk management is independent and a vital pillar of the internal control functions. It makes a decisive contribution to taking necessary action at an early stage and thus to the stability of the company. The Chief Risk Officer reports directly to the Management of Scope Ratings and the independent non-executive directors.
As the third line of defence, Scope Ratings’ internal audit function is a trusted advisor, safeguarding the organisations’ assets beyond regulatory, compliance and reputational risks. With complete oversight, internal audit provides assurance to management on the integrity, reliability, and ethic culture of the organisation. The Head of Internal Audit reports directly to Scope Ratings’ Administrative Board and to Scope Ratings’ independent directors.
Scope has an experienced and dedicated information security department. The department is responsible to design, implement and maintain an information security program that protects Scope’s systems, services and data against unauthorized use, disclosure, modification, damage and loss. The Department is also fostering a security-aware environment by conducting regular security awareness training. The Head of Information Security reports to Scope Ratings’ Administrative Board and to Scope Ratings’ independent directors.