Compliance & Quality

Compliance proven through 20+ years serving the most demanding asset managers.

Every engagement adheres to these institutional standards when appropriate. Research is scoped, sourced, reviewed, and documented before it reaches a client.

MNPI Protection

Layers of protection against inadvertent MNPI.

Protecting clients from the inadvertent receipt of material non-public information is the purpose the research process is built around.

Sourcing is the first line of defense — appropriate Sources only, and compliant outreach

Researchers and AI interviewers are trained on how interviews are to be conducted

Pre-call confirmations are made with every Source and documented

Post-interview risk-based review, assisted by AI, covering MNPI, anonymization and defamation

A compliance read, with a formal internal escalation path for anything sensitive. Content is delivered only once the review is satisfied

Before Every Interview

What every Source confirms before the call.

Heron introduces itself and the scope of the research. A client is never identified

The Source is told that Heron does not want MNPI and will not knowingly accept it

The tenure rule is confirmed. Heron’s standard is six months since departure from a subject company

The Source confirms that nothing will be shared in violation of an NDA or any other duty

Consent to record is requested, and the confirmations are documented in our project system

Source Anonymity

What we protect, and what we do not promise.

The Sources of all interviews are anonymized

Personally identifiable information about secondary individuals mentioned in an interview is redacted

Client contracts prohibit clients from reverse-engineering or contacting our Sources

Anonymity is protected by best efforts. Heron does not guarantee it and does not conduct off-the-record interviews

Artificial Intelligence

How AI is used, and how it is governed.

Whether a call is researcher-led or AI-led is disclosed to the Source in the outreach

AI interviewers work from human-reviewed question sets within defined guardrails, and are not directed to ask about future performance

Transcription, editing and review are AI-assisted; responsibility for the accuracy and compliance of the output stays with people

Only enterprise-licensed models are used, and client data, prompts and outputs are not used to train third-party models

A formal Artificial Intelligence Use Policy applies to employees, contractors and third parties acting for the firm

Firmwide Programs

The programs behind the process.

Compliance training at onboarding and approximately quarterly thereafter, with annual MNPI training

FCRA: US pre-employment work is a consumer report, and consent and disclosure rules are applied accordingly

Privacy: GDPR “Legitimate Business Purpose” standards applied universally, and requests not to be contacted are honored

Cybersecurity: single sign-on and multi-factor across platforms, encrypted company-issued devices, quarterly training

Insurance: directors and officers, professional liability and errors and omissions, cyber and privacy, umbrella

External counsel retained across SEC and regulatory, employment and FCRA, privacy and data protection, and cybersecurity

Two compliance overviews — the firmwide Compliance Policies & Operating Procedures, and an abbreviated overview specific to Heron Events — are available to clients and prospective clients on request.

Make capital decisions with clarity.

Whether you need a due diligence project, access to transcripts, or a platform demonstration, our team will respond quickly.

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Media inquiries, please email media@heron-intelligence.com.