Regulation (EU) No 462/2013 of the European Parliament and of the Council requires credit rating agencies to establish a review function responsible for periodical revision of methodologies, models and key rating assumptions, such as mathematical or correlation assumptions.

Rating-Agentur Expert RA GmbH has appointed a review function officer and established a procedure of methodological committee meetings in order to perform the aforementioned tasks. The review function officer operates independently from the business lines of the Agency and is not involved in credit rating activities.

The review function officer reports to the Advisory board of the Agency, which assesses its performance based on proposals of the review function, comments from the rating service, managing director, general public and CRA Regulator (ESMA).

Carsten Sprenger


Review Function Officer


Carsten Sprenger is a Senior a Lecturer of Finance at the New Economic School in Moscow, Russia. Previously, he has worked as a Lecturer of Finance and Head of the International Laboratory in Financial Economics at the Higher School of Economics (HSE) in Moscow. He has a vast teaching experience in the field of economics, corporate finance and credit risk at the top Russian and European universities. After studying Economics at Humboldt University, he obtained a PhD degree in Economics at Pompeu Fabra University Barcelona, Spain. Carsten is the author of numerous publications and working papers in the areas of corporate finance, corporate governance, and privatization. He participates regularly as a speaker or co-organizer in conferences and seminars covering these topics in Russia, Europe, and the US. Carsten has received grants, fellowships, and awards from renowned academic and non-academic institutions, including HSE and the Robert Bosch Foundation.