Since its foundation, HR Ratings has distinguished itself by focusing on generating added value and gaining the trust of institutions and investors who use our services for their decision-making processes.
In order to achieve this, we have established a number of policies and procedures that ensure the objectivity, integrity and independence of our ratings, as well as the ethical conduct of those involved in the analysis and evaluation process. These policies comply with the guidelines set forth by the National Banking and Securities Commission (CNBV), the US Securities and Exchange Commission (SEC) and the International Organization of Securities Commissions (IOSCO).
These policies are established in our Code of Conduct, which outlines the standards of conduct and professional practices for all employees, directors, stockholders and board members at HR Ratings. Through those, we aim to comply with the highest ethical standards of honesty, integrity and objectivity.
Use of Artificial Intelligence Tools
HR Ratings recognizes that the use of Artificial Intelligence (“AI”) tools can help improve processes and make them more efficient, as well as help identify and manage risks more effectively. However, the use of AI requires the adoption of principles and measures that ensure these tools are used in a responsible, reliable, secure, and traceable manner, in full alignment and compliance with the Internal Regulations and the regulations applicable to Credit Rating Agencies.
As a general principle, HR Ratings considers that the use of any technological tool, in this case AI, must always be carried out ethically and under strict human supervision. The use of AI does not replace the ultimate responsibility that a human retains in any process, decision, or action, including under HR Ratings’ Internal Regulations. Any relevant or critical decision, including but not limited to the assignment, modification, affirmation, or withdrawal of a rating, must be made through human intervention, even when AI tools have been used in any part of the process.
Likewise, AI tools shall comply with the security policies set forth in the Internal Regulations. In general, the tools may not use HR Ratings’ data to improve the training or information of their own models, nor may they be platforms that allow such data to be disseminated to other models. Any AI training and production environment must be designated for HR Ratings’ exclusive use.
Accordingly, the use of AI in any process or function must be subject to the final decision, approval, or monitoring of the responsible HR Ratings employees, who shall be accountable for the use of any technological tool. Under no circumstances shall AI replace the judgment or analysis of the Credit Analysis Committee or of the responsible technical staff, nor shall the use of AI, for any reason, allow any party to delegate responsibilities to the tools.
Based on the foregoing, the purpose of the Policy for the Use of Artificial Intelligence Tools is to establish the principles and parameters for the use of AI, the measures for preserving and documenting its use, to ensure the proper handling of confidential information, and the applicable governance, oversight, and accountability mechanisms.
Finally, the entities, issuers, or clients that engage rating services acknowledge that (i) part or parts of our services may be provided with the assistance of AI tools; however, all final decisions and work are directly supervised by HR Ratings employees, and (ii) they authorize the processing of the information provided through authorized AI tools.
Gifts, entertainment, and preferential treatment
According to the HR Ratings’ Code of Conduct, it is strictly forbidden for employees to solicit or receive, either directly or through another person, remunerations, goods and/or services in conditions better than those found in the market, and also donations from persons with which HR Ratings holds business relationships or who hold an interest in a rated transaction.
HR Ratings, its employees, management, and shareholders are only permitted to accept or receive from any person with whom HR Ratings holds a business relationship, or from any of their employees, goods, other than cash, whose value does not exceed the minimum amount established in this Code of Conduct, and that are provided in the context of normal business activities.
Download our Code of Conduct