The GIIRS Fund Rating Process is a three-step process. It is designed to take roughly 4-6 hours to complete. All portfolio companies complete a similar three step process in order to receive their company rating.
Step 1: Complete a GIIRS Assessment
The first step in getting a GIIRS Ratings is taking a GIIRS Assessment, which looks at the impact of your fund(11) on all of its stakeholders. The standards change depending on your fund's target investment geography, the security type that you invest with, and your investing status. Completing the assessment usually takes about 60 to 90 minutes.
Step 2: Submit Your Fund for Approval
Before you can start uploading information about the investments in your fund, you need to first have a conversation with a GIIRS staff member. Click the "Submit Fund for Approval" button on your fund profile.
Step 3: Each investment in your fund completes the GIIRS Fund or Company Ratings Process
90% of your fund's rating is based on the rollup of the scores of the companies or funds your fund has invested in. In order for your fund to get a rating, each company in your fund's portfolio also needs to get a rating. You can ask investments which have already gotten a rating to give you access to their assessment information or ask investments that have not gotten rated yet to complete an assessment through the fund portal.
Step 4: Complete an Assessment Review
Once all of the investments in your fund have gotten rated, schedule a Review with a GIIRS staff member. On this call, GIIRS staff will make sure all questions are answered accurately. The review also helps us understand more about your fund and the unique circumstances and best practices related to your company. On average, it takes about 60 minutes to complete a review. To schedule a review, hit 'Submit for Rating' on the assessment check or email email@example.com and let us know a few times that would work for you.
Step 5: Make it Official
Submit payment for your GIIRS rating and sign a term sheet.
Step 6: Submit Documents for a Document Review
Upload documents related to the answers for material questions within the ratings system. Deloitte, GIIRS' preferred third party service provide, conducts review of these documents to make sure that they meet GIIRS standards. It takes approximately 2 weeks from the time that you submit all of your documents for our third-party service provder to complete the documentation review.
Note: Deloitte & Touche has been retained as the preferred provider of document review services to assist GIIRS in its verification and rating process. In certain instances, GIIRS or another third-party will conduct documentation and on-site reviews.
Step 7: Get your GIIRS Ratings Report!
Once Deloitte has completed the documentation review a GIIRS staff member will contact you and send you your GIIRS rating report.
Each fund will have a GIIRS representative assigned to it assist portfolio companies/ funds through the ratings process. We are happy to work with fund managers to determine the best process for working with each of its portfolio companies.
Details on the Verification Process
The verification process for funds mirrors the verification process for the companies.
There are three types of reviews in the verification process for funds:
|Review Type||Review Description||Intent||Conducted by|
|Assessment Review||60-120 minute call with GIIRS staff member, which all companies must complete in order to receive any form of GIIRS rating.||Ensure that the company understood the intent of the questions and answered accordingly||GIIRS Staff|
Review of 8 to 15 material documents randomly selected based on affirmative company responses in the GIIRS assessment. In most cases, a third-party reviews the documents, ensuring that the documents demonstrate claimed policies, practices or achievements and meet GIIRS standard.
Note: Deloitte & Touche has been retained as the preferred provider of document and onsite review services to assist GIIRS in its validation and rating process.
|Ensure that the company has documentation to support the questions it has claimed credit for||Third-party service provider|
|Background Check||GIIRS conducts a background check on each GIIRS-rated company and material company owner-operators. GIIRS utilizes two subscription database search engines (World-Check and Factiva) to search publicly available information to screen for entities with heightened risk for fraud, corruption, criminal activity and/or international sanctions and to screen for adverse media coverage that may trigger the need for further investor due diligence. If any potentially adverse result is found in either database search, GIIRS will highlight the need for additional due diligence on the ratings report.||Flag for investors any publicly available information that may affect the credibility of the management or company||GIIRS Staff|
Uploading Documents in the GIIRS Online Portal
There are two types of ratings that can be issued for funds:
|Rating Type||Issued When|
The type of rating (Preliminary or Reviewed) a funds receives is clearly demarked on the fund's GIIRS Impact Rating Report.