Rating agencies vs Consultants
The Differences between Ratings Agencies and Consultants
by Keith Levenstein – 13th September 2006
A ratings agency is one that will rate your company and produce a BEE scorecard. The Codes talk about “accredited” ratings agencies – i.e. agencies that have been accredited by SANAS (SA National Accreditation System). SANAS is the body that accredits ratings agencies.
At the moment there are NO accreditted agencies – due to the fact that the Codes themselves have not been finalised. There are many companies wanting to become ratings agencies – see the list on www.abva.co.za
There is a strict code of conduct set up to govern ratings agencies:
One key point is that ratings agencies cannot consult to the clients they rate! This is a crucial point – the ratings agencies will only rate your company – not help you get a provisional score or even tell you about BEE, or help you find strategies to increase your score.
Which is more important?
You will need to understand BEE, and start creating a BEE profile before you can even consider getting a score. You have to prepare the business before calling in the rating agency. This is the job of the consultant – the type of work we at EconoBEE do: Assist you in understanding the issues involved, help prepare a profile, a BEE strategy and help you do your own self-rating. If you need a ratings agency, it is only at this point that it will be vialble to call them in. Any sooner and you will not have enough information togive them to get an accurate scorecard. It is not their job to “find” your points for you – it is their job to accurately audit what you give them.
QSEs can do their own self rating – using whatever accurate methods they choose. We can help you do your own self-rating, using our popular EconoBEE Scorecard software. It is not necessary to call in the “auditors” – rating agencies if you have your own scorecard.