Transparency is at the core of RapidRatings’ offerings. It’s essential for your counterparties to understand why your organization has partnered with RapidRatings, as transparency plays a crucial role in any effective risk management program.
When requesting financials via Outreach, some common questions we receive from counterparties are:
What is this rating used for?
Who will see my data?
How is our data protected in your system?
Is this exercise required?
Our Member Services Associates, who work directly with your counterparties, are well-equipped to answer these questions. However, there is one key variable—the Outreach Tone—that influences how we address whether or not this process is required.
Outreach Tone
If the client organization requesting the outreach has selected Strong Tone, this means this initiative is required as a part of your risk management and financial health initiatives.
On the other hand, if the selected tone is Weak Tone, participation is strongly encouraged and will help the client make informed business decisions. However, it is not required and would not disqualify the counterparty necessarily from future business agreements.
Outreach Tone is reflected in both the client and outreach introduction letters.
As a reminder, RapidRatings requires you to send an email to each counterparty to kick off the outreach process. This letter outlines the process of submitting financial information, as well as the expectations surrounding the request.
The letter sent directly by the Member Services team will state whether participation is strongly encouraged (Weak Tone) or required (Strong Tone), depending on the Outreach Tone selected.
It's important to note that the Outreach Tone is set at the organization level, meaning it cannot be adjusted on a request-by-request basis within our platform.