Ethics Metrics LLC is the only ratings firm that provides clients an understanding of the true financial quality and risk exposure of DIHCs. Our mission is to help our clients understand undisclosed risks in the U.S. banking sector, providing transparency and contributing to more efficient capital markets.

Ethics Metrics is a professional services signatory to the United Nations Principles for Responsible Investment (PRI).

Leadership team

Beckwith B. Miller: Managing Member and founder of Ethics Metrics and co-developer of the Ethics Metrics Framework and Analytical Model, former senior banker with Barclays Bank, New York and London, focusing on credit risks and new products.

Gary F. Henry: CEO and co-founder and co-developer of the Ethics Metrics Framework and Analytical Model. GE management career of 26 years, serial entrepreneur and angel investor, an Ernst & Young Virginia Entrepreneur of the Year, Founder of CTI.

Advisory Board

Philip Armstrong: Armstrong is Director of Governance at the Gavi Alliance based in Geneva, Switzerland. He previously headed the Global Corporate Governance Forum (GCGF), a joint World Bank/OECD initiative, from 2005 through 2012 and was then Senior Advisor from 2012 through 2015 in the Corporate Governance Group (CGG) of the International Finance Corporation when the GCGF was absorbed into the CGG.

Philip is an internationally acknowledged expert on corporate governance and has worked extensively with governments, regulators and policy makers, various institutions and organisations, companies and boards in the private and public sectors on issues of corporate governance policies, standards, practices and implementation in some 70 countries around the world.

He was closely associated with the King Reports in South Africa, notably the 2002 edition known as King II, and was an advisor to the Commonwealth Association on Corporate Governance (CACG) and was instrumental in developing the CACG Corporate Governance Principles adopted by the Commonwealth Heads of Government in 1999.

Philip Armstrong continues to serve as advisor to a number of boards of companies, and has served on governing bodies of professional institutions and policy initiatives in South Africa and internationally including more recently as Vice Chair of the Board of Governors of the International Corporate Governance Network (representing some US$26 trillion in AUM) from 2012 through 2017. He is a Chartered Secretary by profession and has received numerous accolades and awards from around the world for his work on corporate governance, specifically in emerging markets, and has an Honorary PhD from the Oxford Brookes University. In his earlier career, he has held executive and senior management positions in a number of South Africa’s prominent listed companies including as Corporate Secretary of Anglo American Corporation of South Africa Limited.

Peter A. Beling: Beling is a Professor and Interim Chair of the Department of Systems and Information Engineering at the University of Virginia. Dr. Beling’s research focuses on coordination of decision making, particularly in situations where communication between decision makers is limited or disrupted. Dr. Beling is also the founder of the Financial Engineering Research Group (FERG) at the University of Virginia, which is a focal point for research and development on the mathematical modeling and risk management aspects of credit and finance. Dr Beling also has an active research program in the computational complexity of optimization problems, particularly linear programming and the linear complementarity problem.

Beling is a co-author of the following papers for the U.S. Treasury’s Office of Financial Research:

  • “The Role of Visual Analysis in the Regulation of Electronic Order Book Markets”, by Mark E. Paddrik, Richard Haynes, Andrew E. Todd, Peter A. Beling, and William T. Scherer, dated August 27, 2014. “This paper describes how regulators can use visualization techniques to make sense of the growing and complex financial data that they need to monitor. These techniques could be used to analyze financial stability risks such as excessive market concentration and interconnectivity.”

Joseph V. Carcello: Carcello is the department head of Accounting and Information Management, College of Business, University of Tennessee (UT). Dr. Carcello is also executive director of the Neel Corporate Governance Center at UT. Dr. Carcello’s primary teaching interests are in auditing, corporate governance, financial accounting, and financial statement analysis. Dr. Carcello has served as a charter member of the Public Company Accounting Oversight Board’s Investor Advisory Group since 2010. On June 27, 2014, the U.S. Securities and Exchange Commission (SEC) named Dr. Carcello to its Investor Advisory Committee.

Click here for Carcello’s written statement on December 2, 2015 in support of his testimony before the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee on “Legislative Proposals to Improve the U.S. Capital Markets”.

Ray B. Duggins, Jr: Duggins has extensive experience in Consumer Banking, in particular within Credit and Operational Risk. His previous positions have included Chief Risk Officer, Consumer Banking at Standard Chartered (2010 – 2015), where he also served as Director of Standard Chartered Bank (Pakistan) Limited and Standard Chartered Bank (Thailand) Public Company Limited. Prior to Standard Chartered, Ray spent 14 years with American Express in a number of global risk and operations assignments, including Chief Risk Officer for consumer financial services. Duggins’ experience also includes 8 years with General Electric’s Global Consumer Finance business, where he became a GE officer and Chief Risk Officer of GE Capital Consumer banking across the Americas, Europe, and Asia – playing an instrumental part in reshaping the GE Capital Portfolio coming out of the global credit crisis.

Roddy Gow OBE: Gow is the Founder and Chairman of the Asia Scotland Institute. He is also the Founding Partner of Canongate Partners, an international executive search consulting firm, and Chairman of the Plant for Peace Foundation (UK), which is focused on building a long term agrarian solution in Afghanistan. Awarded the OBE in 2002 for services to British Trade, Gow is also a Director of Oceana Energy (UK), a Board member of British American Business, a member of the International Advisory Council of Innovating Global Health and a Visiting Professor at London Metropolitan University. He is a member of the Queen’s Bodyguard for Scotland (Royal Company of Archers). He holds an MA degree from Trinity College, Cambridge University.

Howard R. Sutherland: Sutherland is the General Counsel for a private family office. Before joining the family office, Sutherland was the General Counsel and Chief Compliance Officer for Telsey Advisory Group, OTR Global, the General Counsel of C.E. Unterberg, Towbin and the General Counsel of Collins Stewart LLC. Prior to that Sutherland was a corporate finance and M&A associate at Shearman & Sterling in London and New York, and a Senior Counsel in the Corporate Law group of Merrill Lynch in New York.

Lisa S. Tankoos: Tankoos is a commercial litigator in New York with a focus on securities, RICO, civil rights and general commercial litigation. Most recently, Tankoos has served as senior underwriter for the lawyers professional liability group at Zurich Insurance.