D01 · Execution
Operator & team
Element codes: EXE-PM-*, EXE-OP-*, EXE-CAP-*, EXE-HR-*. Operator history, team depth, execution plan integrity.
Technical overview
The internal logic of the TCA Risk Engine.
This page walks through the technical architecture of the scoring engine — the five dimensions, the element-level scoring math, the stage-sensitive weighting, and the derivation of the composite A→S rating.
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TCA VOR Scoring Architecture
The five dimensions in technical form.
Each dimension is a named analytical axis with a defined element taxonomy and scoring vocabulary. Dimensions are stable across sectors and across project stages.
D02 · Technical
Subsurface / asset
Element codes: TEC-RES-*, TEC-ENG-*, TEC-ANA-*, TEC-QA-*. Resource characterization, engineering assumption integrity, analog relevance.
D03 · Commercial
Market & positioning
Element codes: COM-MKT-*, COM-PRC-*, COM-OFF-*, COM-COMP-*. Market analysis, pricing exposure, offtake structure, competitive dynamics.
D04 · Financial
Capital & structure
Element codes: FIN-CAP-*, FIN-SEN-*, FIN-RET-*, FIN-LIQ-*. Capital structure, sensitivity, return profile, liquidity.
D05 · Regulatory
Compliance & operating env.
Element codes: REG-PER-*, REG-COM-*, REG-JUR-*, REG-ESG-*. Permitting path, compliance posture, jurisdictional factors, ESG considerations.
Element-level scoring math.
Every element is scored on three inputs: Likelihood, Impact, and Control Effectiveness.
| Input | Scale | Interpretation |
|---|---|---|
| Likelihood (L) | 0–3 | 0 = negligible, 1 = low, 2 = moderate, 3 = high in the relevant time frame |
| Impact (I) | 0–3 | 0 = negligible, 1 = minor, 2 = material, 3 = severe effect on project outcomes |
| Control Effectiveness (C) | 0–3 | 0 = no effective control, 3 = robust, tested, reliable control |
Element score formula
Element raw score = L × I. Adjusted score = L × I × (1 − C ⁄ 3). Element score ranges 0–9 with control mitigation. Scores are recorded with explicit rationale and evidence pointers.
Dimension aggregation.
Individual element scores within a dimension aggregate with equal weight by default. Sector-specific overrides apply where warranted.
- Per-dimension raw score = average of element adjusted scores in that dimension, scaled to 100 for interpretability.
- Stage weight factor is applied per dimension per stage, drawn from the TCA Risk Control Matrix. Stage weights sum to 1.0 across the five dimensions for any given stage.
- Weighted dimension contribution = raw dimension score × stage weight.
- Composite score = sum of weighted dimension contributions. Range: 0–100.
Composite score → A→S grade.
The composite numeric score maps to a seven-grade rating scale.
Thresholds are illustrative
The numeric thresholds are representative. Actual calibration is maintained in the TCA Risk Control Matrix and may be adjusted based on observed rating distribution and sector-specific calibration needs. Any re-calibration is audit-logged and published.
Versioning & re-scoring.
Every composite rating is versioned. A re-scored project produces a new version with explicit documented reason.
- Re-scores require Compliance unlock with documented reason
- Prior versions are retained in full, linked via superseded_by relationship
- VORs re-issued after correction reference the prior version explicitly
- Access to rating history is available to Compliance and counterparties with legitimate reason
What a TCA rating is
A structured analytical judgment. It is not a buy, sell, or hold recommendation, not a return forecast, not a credit opinion, not a prediction about any specific outcome. See Regulatory Posture for current firm status.