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Before onboarding a new contributor bank, Credit Benchmark runs a structured analysis to ensure data is fit for inclusion in the consensus. These discussions can run in parallel with other client onboarding workstreams. We review contributor models and data, examine sample PD files, and work collaboratively with client teams and data owners to investigate potential outliers or differences versus history and peers. Confirmed issues are resolved before go‑live.

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Pre-Onboarding Review

As part of this analysis, we:
  • Verify PD scope and definitions — 1‑year TTC; senior unsecured; wholesale/commercial book; default definition alignment
  • Evaluate PD scale — confirm whether the bank’s PD scale aligns with other contributors or whether practices are inconsistent with existing contributors
  • Screen sample submissions for anomalies — dispersion/RSD, large movements; confirm outliers with the bank
  • Validate identifiers and mapping approach — support accurate entity resolution (LEI/ticker where available)
In select cases, Credit Benchmark has opted to not include contributed data in the consensus. CB will still receive these data points for reporting and concordance purposes, but will not use them when publishing CCRs.

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Onboarding Questionnaire

Contributors complete a structured methodology questionnaire confirming eligibility and comparability of contributed PDs, documenting governance and data practices, and establishing operational readiness for ongoing submissions.

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What we confirm in each area

  • 1‑year TTC obligor PDs
  • Senior unsecured
  • Wholesale/commercial book
  • Out‑of‑scope items (facility‑level, retail, asset‑backed)
Example: Do your 1‑year PDs represent obligor‑level TTC views for senior unsecured exposure in the wholesale/commercial book?
  • Alignment with the Basel definition of default (or jurisdictional equivalent)
Example: Which default definition do you apply in production?
  • Model validation
  • Approvals and overrides
  • Watchlist and early warning
  • Re‑rating triggers
  • Review cadence
Example: How are rating overrides raised, approved, and tracked?
  • Minimum monthly snapshot
  • Cut‑off dates
  • Backfill and roll‑forward rules
Example: What is your monthly submission timeline and how do you handle backfills/corrections?
  • Identifiers (LEI, ticker, national IDs)
  • Internal rating
  • PD and as‑of date
  • Model or scorecard
  • Firmographics
  • Explicit non‑collection: no facility data, exposure, MNPI, or financial inputs
Example: Which identifiers will you provide per obligor and what coverage do you expect?
  • Guarantees and credit enhancements
  • Consolidated vs. legal entity
  • Branches and subsidiaries
  • Funds and SPVs
  • Sovereigns and public sector
Example: How do you treat guarantees and group structures?
  • Notification of model changes and recalibrations
  • Methodology drift
  • Known data limitations
Example: How will you notify CB of model changes or recalibrations?
  • Secure transport method
  • Operational and escalation contacts
Example: What secure transfer method will you use and who are the contacts?