The FT profiles portfolio company Sigma Ratings and founders Stuart Jones, a former US government counter-terrorism expert, and Gabrielle Haddad, an emerging markets healthcare lawyer. Sigma is poised to launch a new rating agency for conduct risk, as the world’s banks struggle to avoid doing business with terrorists, drug dealers and other organised criminals. They will publish their first batch of ratings, focused on the conduct of 500 financial groups in 16 emerging markets, from Saudi Arabia to Panama this summer.