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Service 02 · VOR Ratings

The Viability Opinion Report: structured analysis rendered as decision-grade intelligence.

The VOR is TCA’s core analytical deliverable — a synthesized document that translates the locked R&I record and Risk Engine output into a format allocators can actually use to support capital decisions.

Sample
TCA Sample VOR
PDF · 25 KB · illustrative example

Every VOR has a consistent structure.

Nine sections. One standard format. A reader who has read one VOR knows exactly where to find anything in the next.

Section I & II

Executive Summary & Rating

Composite A→S rating, one-paragraph project description, key diligence focus.

Section III & IV

Project Profile & Context

Structured project model, sponsor and operator data, jurisdictional and stage context.

Section V

Risk Decomposition

Dimension-level scoring with element breakdown, control effectiveness assessments, stage-weighted aggregation.

Section VI

Assumption Register

The material assumptions underlying the analysis, with stated confidence levels and evidence references.

Section VII

Source Pack Summary

Indexed summary of source materials, provenance, and how each contributed to the analytical record.

Section VIII

Gate Analysis

Capital-allocation options: Decline, Enhanced Diligence, Term Outline, Formal Diligence — as analytical framings, not recommendations.

Section IX

Appendices & Signoffs

Technical appendices, Compliance sign-off, version history, distribution record.

How a VOR gets produced.

Five separated stages, each with explicit handoff contracts and function separation.

  1. R&I intake. Project enters the system. R&I Analyst begins building the analytical record.
  2. R&I lock. Compliance reviews the record for completeness; lock sets the record as read-only input to Risk.
  3. Risk scoring. Risk Scorer applies element-level scoring across five dimensions; composite rating computed.
  4. Risk lock. Compliance reviews scoring rationale; locks the composite rating.
  5. VOR assembly & sign-off. Compliance assembles the full document; final signoffs before distribution.
Independence guarantee

At no point can a single person write the R&I record, score the risk, and sign off on the VOR. Role separation is enforced at three architectural layers. The independence claim is not a policy; it is the system.

Engage for a VOR.

VOR engagements proceed under documented terms. Initial conversations establish scope, sector focus, and timeline.

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