The whole point of an internal process is that otherwise the bank will need a higher regulatory capital to cover credit risk (in particular counterparty risk) for the same portfolio.

Making it public would not change that. And that is a significant benefit. For some reason I don't manage to dig up the figures right now, but I remember that under Basel 2 and 3 it was a drop of about 40% of the credit risk capital.

Anyway I wouldn't terribly mind if risk evaluation was no longer an internal process but a public service for which the banks/insurances would be charged.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi