Every Tokenized Asset Has a Risk.TARMSCORE Measures It.
Before You Invest…
Meet TARMSCORE
One Framework built for decision makers.
Independent risk intelligence for tokenized real-world assets.
Analyze Your First Asset
Built for people making decisions about tokenized assets
One framework. Every institutional and independent decision-maker evaluating tokenized real-world assets.
Banks & Custodians
Counterparty, collateral and structural-risk assessment before custody, lending or investment decisions.
Asset & Investment Managers
Due diligence, comparison and portfolio monitoring on one consistent, evidence-based framework.
Family Offices & Private Investors
Consistent, standardized analysis of unfamiliar tokenized assets and private market opportunities.
Researchers & Regulators
Transparent methodology and evidence-backed market intelligence for study or oversight.
Put tokenized assets side by side on the FLOG framework. Add up to four — the composite score is set by the weakest pillar.
Assets you've starred. Saved to your account and synced across sessions.
Every TARM rating is built from one transparent framework. We assess a tokenized asset on four independent risk pillars — Financial, Legal, Operational, and Governance — each on a 1–5 scale, then combine them into a single composite score.
Rating Scale
Lower scores represent lower identifiable structural risk.
FLOG Framework
Rating Philosophy
Each pillar is assessed independently, using publicly verifiable evidence, before being combined into a single overall TARMSCORE through a proprietary aggregation methodology. The underlying question set, weighting logic, and decision rules that produce that score are not published.
Evidence Standards
Ratings are based on publicly verifiable evidence, drawn from:
Missing Evidence
Missing or unavailable evidence increases uncertainty and may affect the assessment. TARMSCORE does not assume safety where sufficient public evidence cannot be verified.
Confidence & Limitations
- Structural risk assessment only.
- Not a credit rating.
- Not investment advice.
- Ratings may change as new evidence becomes available.
- Based on publicly available information reviewed at the time of assessment.
A read-only REST endpoint over TARMSCORE's curated ratings universe — the same FLOG scores and composite ratings the website itself renders, returned as JSON for your own systems.
Authentication
Two options. A session token works with no extra setup but expires in about an hour — fine for testing from a browser console. A dedicated API key (generate one from Settings → API Access) is long-lived and revocable, meant for an unattended server integration.
Endpoints
GET/api/engine?action=ratings
Every curated rating — FLOG scores, composite TARM score, band, grade.
GET/api/engine?action=ratings&symbol=PAXG
One asset, by symbol.
Webhooks
Instead of polling, subscribe once (Settings → Webhooks) and get an HTTPS POST whenever any curated rating changes. Checked once daily. Verify the X-TARM-Signature header against your subscription's secret before trusting a payload.
Errors & limits
| Status | Meaning |
|---|---|
| 401 | Missing, invalid, or expired bearer token. |
| 403 | Valid account, but not on the Team plan. |
| 404 | No curated rating for that symbol. |
| 429 | Rate limit exceeded — 120 requests/minute per caller. |
| 503 | API temporarily unavailable. |
Roadmap
- Historical score endpoint (a rating's value over time, not just current)
- Bulk export (CSV/JSON) of the full covered universe
- Per-event webhook filtering (subscribe to specific symbols, not the whole universe)
TARMSCORE is a risk intelligence platform designed to evaluate tokenized real-world assets through transparent, evidence-based analysis. Every rating on TARMSCORE is generated using the proprietary TARM (Tokenized Asset Risk Metrics) methodology, a structured framework combining Financial, Legal, Operational, and Governance risk into a single risk assessment.
Tokenized real-world assets are growing faster than the infrastructure to evaluate them. Every other institutional asset class — bonds, equities, structured credit — has independent risk assessment built into how capital moves through it. Tokenized assets largely don't, because the major rating agencies cover only the largest issuers, and most tokenized assets will never be big enough to be worth their time.
TARMSCORE exists to close that gap. We publish independent, evidence-based risk ratings across the tokenized asset universe — stablecoins, tokenized treasuries, real estate, funds, and beyond — using one transparent framework (FLOG: Financial, Legal, Operational, Governance) so that assets can actually be compared against each other, not just described. Every rating is grounded in primary sources, discloses its own evidence coverage, and is version-controlled: see the Methodology page for the full framework.
Our aim is to become a standard reference point for due diligence on tokenized assets — the layer investors, issuers, and regulators can point to when they need a consistent answer to "how risky is this, really?"
Founder
Prakruthi Rao Rambhatla is the creator of TARM (Tokenized Asset Risk Metrics), a risk assessment framework developed to evaluate the risks associated with tokenized real-world assets. Her work focuses on bringing greater transparency, consistency, and evidence-based analysis to the rapidly evolving tokenized asset market.
With an MBA in Finance and a professional background in banking and financial services, she combines traditional financial risk management principles with emerging digital asset infrastructure. Her research is centered on developing practical methodologies that help market participants better understand and compare tokenized assets.
She is the author of the TARM framework and an independent researcher whose work explores financial, legal, operational, and governance risks within tokenized real-world assets. Through TARMSCORE, her objective is to establish a standardized approach for due diligence and portfolio decision-making across global tokenized asset markets.
Her long-term vision is to contribute to the development of internationally recognized risk standards that support the growth, credibility, and adoption of tokenized real-world assets.
SSRN Papers
Learning Hub
Interactive courses, the FLOG framework, a glossary, and quick guides — all in one place.
For students, journalists and independent research.
- Every published FLOG score & the full rankings table
- Asset-class map, methodology & glossary
- Watchlist, side-by-side compare & rating history
- 3 on-demand analyses per day
- 1 free PDF report preview
For a working analyst who needs to cite what they found.
- Everything in Explorer
- Unlimited on-demand analyses — score any asset, any chain
- PDF export of any report, for your own files or IC pack
- Portfolio analysis — build a portfolio and run risk composition
- Coverage requests — ask us to add an asset to the curated set
- Cancel any time; annual saves two months
For a small team or family office sharing one view. We'll help set up your team.
- Everything in Professional, for your whole team
- Up to 5 named users — we create and manage the seats for you
- Coverage requests go to the front of the queue
- A direct line to the analyst who wrote the score
- Self-serve seat management & shared watchlists — in build, not yet available
For banks, custodians and platforms embedding TARM scores at scale.
- Everything in Team — unlimited named seats
- Single sign-on (SAML/OIDC) for your company domain
- Dedicated account contact & white-glove onboarding
- White-label licensing for your own product
- Bulk/historical data export & rating-change webhook SLA — in build
Covered by a separate Enterprise Agreement negotiated with you — not this page. It typically addresses authorized users, data/API usage, confidentiality, liability, IP, security, and termination.
For an issuer who wants an independent, evidence-based assessment of one specific asset.
- Full FLOG assessment — Financial, Legal, Operational, Governance
- Every score tied to cited evidence, with an evidence-coverage %
- A remediation summary — exactly what would raise your score
- Delivered as a citable PDF you may share in unaltered form
- Your relationship disclosed wherever it's published
- Not a subscription — one asset, one fee
Payment covers the analytical work, not the outcome — see the Report Licence for exactly what you can do with the report.
Keep an assessment current with periodic reviews and material-change alerts.
- Everything in Asset Assessment, re-run quarterly
- Change alerts between reviews when something material moves
- A rating with a live date on it — not a stale PDF
- Public rating-history line, so improvement is visible over time
- Priority re-review when you fix something
A read-only ratings API is live. Pull any curated asset's FLOG scores and composite rating programmatically, authenticated with your TARMSCORE account. See the API documentation.
- Licence to display TARM scores in your own product — available today
- Methodology documentation for your risk committee — available today
GET /api/engine?action=ratings— full curated universe or a single symbol — available today- Dedicated, revocable API keys — generate from Settings → API Access — available today
- Rating-change webhooks — delivered daily — available today
- Historical scores & bulk export — in build
Not an assessment of your asset. This builds the measuring instrument for an asset class TARMSCORE does not cover yet.
- Deliverable is a methodology, not a score — carbon credits, shipping, royalties
- Custom question set & scoring anchors, developed with your team
- Written methodology you can show a regulator or an LP
- Once it exists, any asset in that class can be assessed — including yours
- Buy an Asset Assessment instead if we already cover your class
These aren't alternatives to the plans above — they're specialised, mostly one-off or issuer-side services. Payment for an assessment, monitoring, or a framework build never determines the score: see the Conflicts of Interest and Analyst Independence policies.
Settings
Report Library
Terms of Service
1. What TARMSCORE is. TARM (Tokenized Asset Risk Metrics) is an independent research tool that publishes structured risk assessments of tokenized real-world assets using the FLOG framework (Financial, Legal, Operational, Governance). TARM scores are research opinions, not credit ratings issued by a registered rating agency, and TARMSCORE is not a Nationally Recognized Statistical Rating Organization (NRSRO) or its foreign equivalent.
2. Not investment advice. Nothing on TARMSCORE is investment, legal, tax, or financial advice, or a recommendation to buy, sell, or hold any asset. Risk scores are one input among many; you are responsible for your own due diligence and decisions. TARMSCORE is not a broker, dealer, exchange, or fiduciary.
3. No guarantee of accuracy. Data is compiled from public sources and issuer disclosures and may be incomplete, delayed, or inaccurate. AI-generated asset entries are clearly labeled and are not independently verified. TARMSCORE is provided "as is," without warranties of any kind.
4. Eligibility & sanctions. You must be at least 18 years old and able to form a binding contract to use TARMSCORE. By creating an account you represent that you meet these requirements and that your use of TARMSCORE complies with the laws that apply to you. You further represent and warrant that you are not, and are not acting on behalf of, a person or entity that is (a) subject to sanctions administered or enforced by the United States (OFAC), the United Nations, the European Union, the United Kingdom, or any other applicable authority, or on any such sanctions or restricted-party list; or (b) located, organised, or resident in a country or territory that is itself the target of comprehensive sanctions or an embargo. You may not use TARMSCORE in violation of any applicable export-control or sanctions law, and TARMSCORE may refuse, suspend, or terminate access to comply with those laws.
5. Accounts. You are responsible for maintaining the confidentiality of your login and for all activity under your account. You must provide accurate information. TARMSCORE supports sign-in via email/password, Google, LinkedIn, GitHub, and select Web3 wallets — each subject to that provider's own terms.
6. Acceptable use. You agree not to scrape at scale, resell, reverse-engineer, or misrepresent TARMSCORE output, attempt to circumvent plan limits or security controls, or use the service unlawfully. Any use beyond an individual account — including bulk or automated (API) access — requires a separate written agreement with TARMSCORE.
7. Intellectual property. The FLOG framework methodology, TARM scores, site design, and underlying software are TARMSCORE's intellectual property (or licensed to TARMSCORE) and may not be copied, resold, or redistributed without permission. You retain ownership of the portfolios, watchlists, and inquiries you create; you grant TARMSCORE the right to store and process that content to operate the service.
8. Third-party services. TARMSCORE relies on third-party providers to operate: Supabase (database and authentication), Vercel (hosting and performance analytics), Stripe and Coinbase Commerce (payment processing), Sentry (error monitoring), and Ollama Cloud (AI risk-narrative generation). Your use of features backed by these providers is also subject to their respective terms, and TARMSCORE is not responsible for their outages or errors.
9. Paid plans, billing & cancellation. This section covers the Professional and Team subscription plans specifically; one-off Asset Assessments and Enterprise engagements are governed by the Report Licence and a separate Enterprise Agreement respectively, not by this section.
- Payment. Card payments are processed by Stripe and billed at the price shown at checkout, in USD, inclusive of any tax Stripe is required to collect for your location. Crypto payments (USDC/USDT) are processed by Coinbase Commerce at the USD-equivalent price shown at checkout.
- Renewal. Professional and Team paid by card are recurring subscriptions that renew automatically each billing period until canceled, charged to the payment method on file. Payments made by crypto do not auto-renew — Coinbase Commerce has no recurring-billing mechanism — so a crypto payment grants one billing period (30 days), after which the plan reverts to Free unless you pay again.
- Cancellation. You may cancel a card subscription at any time from Settings → Plan. Cancellation takes effect at the end of the current billing period — you keep paid access through what you've already paid for, and are not charged again after that. There is no separate cancellation process for crypto payments; simply don't renew.
- Refunds. Fees already charged are non-refundable, including for a partial billing period after cancellation, except where required by law. Canceling stops future charges; it does not refund the current period.
- Access after downgrade. When a subscription ends or a crypto-paid period lapses, your account reverts to the Free plan's limits. Your account, portfolios, and saved data are not deleted — only paid-tier access changes.
- Suspension. We may suspend paid access for the reasons described in §6 (acceptable use) and §10 (termination) — misuse does not entitle you to a refund for the suspended period.
- Price changes. We may change plan prices going forward; an existing subscription is billed at its current price until you cancel or the plan changes at renewal, and we will give reasonable notice before any price change takes effect on your account.
10. Termination. You may stop using TARMSCORE and delete your account at any time by request (see Privacy Policy §7). We may suspend or terminate accounts that violate these terms, misuse the service, or pose a security risk, with or without notice.
11. Disclaimers & limitation of liability. To the maximum extent permitted by law, TARMSCORE and its operators disclaim all warranties, express or implied, and are not liable for any indirect, incidental, or consequential damages, or any losses arising from use of, or reliance on, the service or its risk scores.
12. Indemnification. You agree to indemnify and hold TARMSCORE harmless from claims, losses, and expenses arising from your violation of these terms or misuse of the service.
13. Governing law & disputes. These terms are governed by the laws of the jurisdiction in which TARMSCORE's operating entity is established, without regard to conflict-of-laws principles. Disputes will be resolved in the courts of that jurisdiction unless applicable consumer-protection law entitles you to a different venue.
14. Severability & entire agreement. If any provision of these terms is found unenforceable, the remaining provisions stay in effect. These terms, together with the Privacy Policy, are the entire agreement between you and TARMSCORE regarding the service.
15. Changes. We may update these terms; continued use after an update means you accept the change. Material changes will be reflected in the "Last updated" date above.
16. Contact. Questions about these terms: send us a message.
Privacy Policy
1. What we collect. Account data you provide (name, email, optional organization), the portfolios and watchlists you create, enterprise/API inquiries and asset-coverage requests you submit, your email if you sign up for the newsletter, and basic usage counts (e.g. number of analyses run). If you sign in via Google, LinkedIn, GitHub, or a Web3 wallet, we receive the profile information that provider shares (typically name and email, or a public wallet address). Our hosting, error-monitoring (Sentry), and security providers also automatically log standard technical data (IP address, browser type, timestamps, and — only when an error occurs — a snapshot of the app state that triggered it) for abuse prevention and debugging. We do not collect payment card numbers — card payments are handled directly by Stripe, and crypto payments by Coinbase Commerce.
1a. Search statistics (anonymous). We record which assets are searched on TARMSCORE so we know what coverage to build next. These records contain only the asset searched, the date and time, and whether the visitor was signed in — no name, email, account ID, IP address, or device identifier. They cannot be linked back to you or to one another, so they are statistics rather than personal data, and account deletion does not affect them. If you are signed in, your own recent searches are additionally saved to your profile so you can see your history; those are personal data and are deleted with your account. Anonymous statistics are kept for no more than 12 months.
2. How we use it. To operate your account, save your data across devices, enforce plan limits, respond to inquiries, and improve the product. We do not sell your personal data.
3. Legal bases for processing. Where applicable data-protection law requires a legal basis, we rely on: performance of a contract (running your account), legitimate interests (security, product improvement), and consent (marketing emails, which you can withdraw at any time).
4. Where it lives / sub-processors. Account and portfolio data is stored in our Supabase (PostgreSQL) database, protected by row-level security so you can only access your own records. We use the following sub-processors, each under their own privacy policy: Supabase (database, authentication), Vercel (hosting, performance analytics), Stripe and Coinbase Commerce (payment processing), Sentry (error monitoring), Ollama Cloud (AI risk-narrative generation), and, if you use them, Google/LinkedIn/GitHub (sign-in).
5. AI processing. When you request an AI risk narrative, the asset details you submit are sent to our AI provider (Ollama Cloud) to generate the response. Don't submit confidential information you don't want processed this way.
6. Data retention. We retain account data for as long as your account is active. If you delete your account or request deletion, we remove your personal data within a reasonable period, except where we must retain records to comply with law or resolve disputes.
7. Your rights & choices. You can edit your profile in Settings, request a password reset, unsubscribe from the newsletter at any time, or ask us to access, correct, export, or delete your account data from Settings → Your data & privacy or by sending us a request. Depending on where you live, you may have additional rights under laws such as the EU/UK GDPR, the California CCPA/CPRA, or India's Digital Personal Data Protection Act (DPDPA) 2023; we honor equivalent requests regardless of location.
8. International transfers. Our service providers may process and store data outside your home country. Where required, we rely on those providers' own safeguards (such as standard contractual clauses) for cross-border transfers.
9. Children's privacy. TARMSCORE is not directed to, and does not knowingly collect data from, anyone under 18. If you believe a minor has provided us data, contact us and we will delete it.
10. Security. We use industry-standard measures — encrypted connections (HTTPS/TLS), database row-level security, and hashed passwords — to protect your data. No method of transmission or storage is 100% secure, and we cannot guarantee absolute security.
11. Cookies / storage. We use browser storage and Supabase auth cookies to keep you signed in, a theme preference entry, and local caches of your own portfolio, comparisons, and recent ratings so the app loads faster on return visits — these caches never leave your device beyond what's already saved to your account (§1). We use Vercel Speed Insights (privacy-respecting, cookieless) to measure page speed; we do not use third-party advertising trackers.
12. Changes to this policy. We may update this policy from time to time; the "Last updated" date above reflects the most recent revision. Material changes will be highlighted on this page.
13. Contact. Data questions: send us a message.
Legal & Disclaimers
1. Nature of Service
TARMSCORE provides risk research and analytics. TARMSCORE does not provide investment, legal, accounting, or financial advice, recommendations, or suitability assessments.
TARMSCORE rates the structural integrity of a tokenized asset — whether the claim is real, legal, technically sound, and fairly governed. It does not rate market risk, expected return, or investment suitability. An asset with a strong TARM rating can still lose value if its underlying market declines.
TARM ratings are opinions on structural risk based on documentary evidence available at the time of assessment. They are statements of analytical opinion, not statements of fact, and not guarantees of any outcome.
2. Not Investment Advice
Nothing on this platform constitutes, or should be construed as, investment advice, a recommendation to buy, sell, or hold any asset, a solicitation, an offer, or a personal recommendation. TARMSCORE does not assess whether any asset is suitable or appropriate for any particular person. Users must make their own decisions and should consult appropriately licensed advisers.
TARMSCORE is not licensed or registered as an investment adviser, broker, dealer, fund manager, or credit rating agency in any jurisdiction.
3. What TARMSCORE Does Not Do
TARMSCORE does not: execute trades; hold, custody, or control client assets or funds; manage portfolios on a discretionary basis; guarantee returns; predict prices or market movements; provide tax, legal, or accounting advice; perform statutory financial audits; issue credit ratings; provide KYC or AML verification services; or grant any form of regulatory approval or endorsement.
4. Methodology & Evidence
Methodology is published and version-controlled; see the Methodology page.
Assessments are based solely on documentation available to the analyst at the time of scoring. Where information is undisclosed or unverifiable, TARMSCORE applies a conservative floor score rather than assuming compliance. TARMSCORE cannot detect fraud, misstatement, or concealment not evident in available documents.
5. No Warranty; Point-in-Time
Ratings and content are provided "as is" and "as available", without warranty of any kind, express or implied, including accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose. Ratings are point-in-time and may become outdated; TARMSCORE is under no obligation to update any rating.
6. Limitation of Liability
To the maximum extent permitted by law, TARMSCORE and its officers, employees, advisers, and contributors shall not be liable for any direct, indirect, incidental, consequential, special, or exemplary loss or damage — including loss of profit, capital, or data — arising from use of, or reliance on, this platform or any rating or content it contains.
7. Independence and Conflicts
TARMSCORE discloses any commercial relationship with an issuer whose asset is rated. Ratings are not for sale and issuers cannot purchase, negotiate, or suppress a rating. Any conflict of interest affecting an assessment is disclosed on that asset's rating page. Our full Conflicts of Interest Policy sets out how conflicts are identified, managed, and disclosed.
8. Intellectual Property
The TARMSCORE name, the FLOG framework, the SEV/BREADTH rating construct, the scoring instrument, and all associated methodology documentation are the intellectual property of TARMSCORE and its founder. Ratings and content may be cited with attribution for research and internal analysis; systematic reproduction, redistribution, or commercial use requires written permission.
9. Compliance & Legal Standing
TARMSCORE is an independent research and analytics publisher. It does not custody assets, hold client funds, execute or facilitate transactions, or act as a broker, dealer, exchange, or fund manager, and it is not a registered credit rating agency. As such it is not a "financial institution" subject to customer anti-money-laundering (AML) or know-your-customer (KYC) obligations, and it does not perform KYC or AML verification. Payments are handled by third-party processors (e.g. Stripe, Coinbase Commerce) that operate their own AML, KYC, and sanctions-screening controls.
Sanctions. TARMSCORE does not provide services to persons or entities that are the target of applicable sanctions (OFAC, UN, EU, UK, or other applicable authorities) or that are located in comprehensively sanctioned or embargoed jurisdictions. Access may be refused, suspended, or terminated to comply with sanctions and export-control laws (see Terms §4).
Tax. Users are responsible for their own tax obligations. Any transaction taxes (such as VAT or sales tax) applicable to paid plans are handled at checkout by our payment processors where required.
This section describes TARMSCORE's operating posture and is not a legal opinion. Obligations vary by jurisdiction and change over time; TARMSCORE keeps its compliance posture under review.
Conflicts of Interest Policy
TARMSCORE's value depends entirely on the independence of its ratings. This policy sets out how TARMSCORE identifies, prevents, manages, and discloses conflicts of interest so that a rating always reflects the evidence — never a commercial relationship.
1. Ratings are not for sale
Issuers cannot purchase a rating, pay to raise a score, pay to have a rating removed or suppressed, or negotiate the outcome of an assessment. Payment for any product or service TARMSCORE may offer never influences the FLOG score an asset receives.
2. Separation of analysis from commercial activity
Scoring is driven by the published FLOG methodology and the defined evidence sources. No commercial, marketing, or partnership consideration is an input to a score. Where TARMSCORE earns revenue (for example, subscriptions), that revenue is not tied to the rating any particular asset or issuer receives.
3. Disclosure of relationships
Where TARMSCORE has a material commercial relationship with an issuer whose asset is rated — for example, a paid engagement, partnership, or other financial interest — that relationship is disclosed on the affected asset's rating page. If a conflict cannot be adequately managed or disclosed, TARMSCORE will decline to rate the asset or will withdraw the rating.
4. Personal interests of analysts and contributors
Individuals involved in producing a rating are required to disclose personal holdings or interests in an asset or issuer they assess, and to step aside from assessments where a personal interest could reasonably be seen to affect objectivity.
5. Independence of methodology changes
Changes to the FLOG methodology are made for analytical reasons and are version-controlled and published on the Methodology page. Methodology is never altered to produce a particular rating for a particular asset or issuer.
6. Gifts and inducements
TARMSCORE does not accept gifts, inducements, or benefits from issuers or their representatives that could compromise, or appear to compromise, the independence of a rating.
7. Reporting a concern
If you believe a rating has been affected by an undisclosed conflict, please contact us. TARMSCORE reviews all such reports and will correct or withdraw any rating found to have been improperly influenced.
8. Right of reply — before we publish
TARMSCORE rates assets on public evidence, including assets whose issuers have not asked to be rated and are not TARMSCORE's clients. Because a rating can affect how an issuer is perceived, an issuer is entitled to respond before an adverse rating is published:
- Where TARMSCORE intends to publish a High or Very High composite risk rating on an asset for the first time, TARMSCORE will make reasonable efforts to notify the issuer at a publicly listed contact address and allow five business days for a factual response.
- The issuer may correct factual errors, supply evidence that was not public, or state that it disagrees. Supplying evidence frequently changes a score — that is the point of the process, and it is not a negotiation over the outcome.
- If the issuer responds, TARMSCORE will publish a fair summary of that response, or a link to it, alongside the rating.
- TARMSCORE may publish without waiting where the evidence is already public and time-critical, where the issuer cannot be reached, or where delay would itself mislead the market. Where that happens, TARMSCORE will say so.
- This right does not give any issuer approval over, or a veto on, the rating. Consistent with §1, the score remains TARMSCORE's alone.
9. Corrections policy
TARMSCORE will get things wrong. What matters is what happens next:
- Anyone — issuer, subscriber, or reader — may report a suspected error via the contact form. You do not need to be a client.
- TARMSCORE aims to acknowledge within two business days and to complete a review within ten business days.
- Where a factual error materially affected a rating, TARMSCORE will correct the rating, date and describe the correction on the asset's page, and retain the earlier rating in the asset's rating history. Corrections are not made silently and history is not rewritten.
- Where a rating was correct on the evidence available at the time but is now outdated, TARMSCORE will re-review and re-date it rather than present it as current.
- Where TARMSCORE cannot substantiate a rating to its own evidence-coverage standard, it will withdraw the rating rather than leave it published.
A record of material corrections is retained so that TARMSCORE's own accuracy can be assessed over time. An organisation that publishes opinions about others should be auditable on the same terms it applies to them.
This policy complements TARMSCORE's Legal & Disclaimers, Terms of Service, Code of Conduct, Analyst Independence Policy, and Rating Review Policy.
Code of Conduct
This Code sets the standard of conduct for anyone involved in producing a TARMSCORE rating — whether that is one person today or a larger team as TARMSCORE grows. It exists so that a rating can always be traced back to evidence and the published FLOG methodology, and never to convenience, pressure, or self-interest.
1. Evidence over assertion
A score is based on documented, verifiable evidence — primary issuer and legal documents, on-chain data, and credible third-party sources — never on rumor, unverified claims, or an issuer's marketing material taken at face value. Where evidence is thin or absent, the Methodology page's missing-evidence rules apply; a gap is never filled with a guess.
2. Equal standard for every asset
The same FLOG questions, the same evidence bar, and the same missing-evidence rules apply regardless of an asset's size, chain, issuer reputation, or whether TARMSCORE has any commercial relationship with the issuer. A large, well-known issuer does not get the benefit of the doubt that a small one would not.
3. Confidentiality of non-public information
Where an issuer shares non-public information during the right-of-reply process described in the Conflicts of Interest Policy, that information is used only to assess the rating in question. It is not traded on, shared selectively, or disclosed beyond what the issuer has agreed to.
4. No trading on advance knowledge of a rating
No one involved in producing a rating may trade, or advise others to trade, a rated asset on the basis of an unpublished rating or rating change. This is covered in full in the Analyst Independence Policy.
5. Fair dealing
Subscribers, issuers, and the public are dealt with honestly and consistently. TARMSCORE does not selectively brief one subscriber on a pending rating change ahead of others, and does not misrepresent what a score does or does not measure — structural risk, not market or price risk, not investment advice.
6. Prohibited conduct
- Accepting payment, gifts, or favors in exchange for a specific rating outcome (see Conflicts of Interest Policy §1 and §6).
- Publishing a rating known to be unsupported by the evidence on record.
- Altering a score after the fact for a reason other than new evidence or a corrected error.
- Misrepresenting TARMSCORE's coverage, review status, or affiliations.
7. Reporting a violation
Anyone — including an issuer, a subscriber, or the public — who believes this Code has been violated can contact us. Reports are reviewed, and a substantiated violation results in correction or withdrawal of the affected rating under the Conflicts of Interest Policy's corrections process.
This Code complements TARMSCORE's Conflicts of Interest Policy, Analyst Independence Policy, and Rating Review Policy.
Analyst Independence Policy
This policy governs the personal conduct of anyone involved in evidence review or score assignment for TARMSCORE ratings — referred to below as "analysts," whether that function is performed by one person or a team. It expands on §4 of the Conflicts of Interest Policy.
1. Who this applies to
Anyone who reviews evidence, assigns a FLOG score, or approves a rating for publication, present or future — not only a formally titled "analyst" role.
2. Disclosure of personal holdings
Analysts must disclose any personal financial interest — direct holdings, options, or other economic exposure — in an asset or issuer before assessing it. A meaningful holding is disclosed on request and considered under §3 below.
3. Recusal
Where a personal interest could reasonably be seen to affect objectivity, the analyst steps aside from that assessment. A different reviewer completes or approves the rating; where no independent reviewer is available, TARMSCORE discloses the interest alongside the rating rather than conceal it.
4. Trading restrictions
Analysts may not trade a rated asset in the period between forming a material rating change and its publication, and may not disclose an unpublished rating or rating change to anyone for the purpose of trading. This mirrors §4 of the Code of Conduct.
5. No outside compensation tied to a rating
Analysts may not accept compensation, consulting fees, or any other benefit from an issuer that is conditioned, explicitly or implicitly, on the rating that issuer's asset receives.
6. Reporting a concern
Concerns about an analyst's independence on a specific rating can be raised via contact us and are handled under the same review process as other conflict reports.
This policy complements TARMSCORE's Conflicts of Interest Policy, Code of Conduct, and Rating Review Policy.
Rating Review Policy
This policy describes how a TARMSCORE rating is produced, kept current, and reviewed on request — from first assessment through to a dispute or appeal.
1. Initial assessment
An asset is scored against the standardised question module for its asset class (see Methodology). Evidence is gathered from the defined source hierarchy, each of the four FLOG dimensions is scored 1–5, and the composite rating is set from the dominant pillar. A rating is only published once evidence coverage clears the 40% threshold; below that, it is withheld.
2. Periodic re-review
Published ratings are re-reviewed against current evidence on an ongoing basis, not left to age indefinitely. Every asset page discloses when it was last reviewed. A material change in the underlying evidence — a new disclosure, an audit, a governance change — can trigger a re-review outside the normal cycle.
3. Issuer right of reply
Before TARMSCORE publishes a first-time High or Very High rating on an asset, the issuer has a defined window to respond with evidence or a factual correction. This process is set out in full in the Conflicts of Interest Policy, §8.
4. Requesting a review
Anyone — issuer, subscriber, or reader — can request review of a specific rating via the contact form, citing the specific evidence or error in question. General disagreement with a score, without new evidence or an identified error, is not grounds for a change — see §1 of the Conflicts of Interest Policy on ratings not being for sale or negotiation.
5. How a review is decided
A review is decided by re-applying the published FLOG questions and missing-evidence rules to the evidence on record, including anything newly supplied. If that changes the outcome, the rating is corrected and the change is dated and described on the asset's page per the Conflicts of Interest Policy's corrections process, §9. If it does not, the existing rating stands and the requester is told why.
6. Escalation
If a requester believes a review was mishandled, they can ask for it to be reconsidered by contacting us again with that specific concern. TARMSCORE's decision on the rating itself remains final — consistent with the Conflicts of Interest Policy's position that no issuer has approval over, or a veto on, a rating.
This policy complements TARMSCORE's Conflicts of Interest Policy, Code of Conduct, and Analyst Independence Policy.
Report Licence
This is the licence that applies when you buy an Asset Assessment or Monitoring report — the one-off or recurring PDF deliverables, not a Professional/Team subscription (see Terms of Service §9) and not an Enterprise engagement (see your Enterprise Agreement, which governs instead of this page).
1. What you're buying
A licence to use and share one specific, dated PDF report, plus the underlying rating being published on TARMSCORE in the ordinary course (see §7 below). You are not buying the FLOG methodology, TARMSCORE's brand, or any right to produce reports of your own using TARMSCORE's name or format.
2. What you may do with it
- Download and keep it. The PDF is yours to retain for as long as you need it.
- Share it internally. Circulate it to your investment committee, board, or internal team without restriction.
- Share it with your clients or investors. Give it to counterparties, clients, or investors as part of your own due-diligence or disclosure process — this is a normal, permitted use.
- Publish it. You may publish the report publicly (on your own site, in a data room, or otherwise), provided it is the complete, unaltered PDF — not a selectively quoted excerpt presented as the full picture.
3. What you may not do with it
- Modify it. The report may not be edited, have sections removed, or be re-formatted to imply a different conclusion than the one TARMSCORE published. If you want to quote it, quote it accurately and attribute it.
- Resell it as your own product. You may not repackage, relicense, or sell the report itself — or bulk access to reports — as a standalone data or research product to third parties. Sharing it as part of your existing relationship with your own clients (§2) is fine; selling access to it as if it were your product is not.
- Imply endorsement. The report is TARMSCORE's independent opinion on structural risk, not TARMSCORE's endorsement of your offering, and may not be presented as investment advice or a recommendation (see Terms of Service §2 and the Legal & Disclaimers page).
4. Payment doesn't buy the score
Paying for an Asset Assessment or Monitoring engagement pays for TARMSCORE's analytical work — gathering evidence, applying the published FLOG methodology, and producing a documented report. It does not purchase, guarantee, or influence a particular rating outcome. This is not a special rule for paid reports — it's the same commitment that applies to every TARM rating; see the Conflicts of Interest Policy, §1.
5. Accuracy & disclaimers
The report is provided "as is," is a point-in-time opinion based on evidence available at the time of assessment, and is not a guarantee of any outcome. The disclaimers, limitation of liability, and "not investment advice" language in the Terms of Service and Legal & Disclaimers apply in full to every use of the report, including when you share it onward under §2.
6. Relationship disclosure
Because you commissioned the assessment, TARMSCORE's commercial relationship with you is disclosed wherever the rating is published, consistent with the Conflicts of Interest Policy, §3.
7. Monitoring & re-review
A one-off Asset Assessment reflects evidence at the time of that assessment only and is not automatically updated. A Monitoring engagement re-runs the assessment on the agreed cadence for its term; each re-review is a new dated report under this same licence, and prior reports remain valid for the period they cover rather than being retracted.
This licence complements TARMSCORE's Terms of Service, Legal & Disclaimers, and Conflicts of Interest Policy.