This Consultation Report describes certain internal controls and procedures that credit rating agencies (CRAs) use to promote the integrity of the credit rating process and address conflicts of interest, with a view to promoting a better understanding of these practices. This Consultation Report is based on an IOSCO review of CRAs that focused on the internal controls established by CRAs to enhance the integrity of the credit rating process and on the procedures to manage conflicts of interest. The review was motivated by the role of CRAs in the 2008 financial crisis, which raised concerns about the quality of credit ratings and credit rating methodologies, the timeliness of adjustments to credit ratings, and, more generally, the integrity of the credit rating process. The 2008 financial crisis also raised concerns about how conflicts of interest are being managed by CRAs. The internal controls and procedures described by the Consultation Report are divided into six categories: Quality of the rating process; structural support to ensure the quality of the rating process; monitoring and Updating; integrity of the Rating Process Procedures; managing Firm-Level Conflicts; and managing Employee-level Conflicts.