Understanding the FastTrack Program for Non-Critical Counterparties
As a RapidRatings Enterprise client, your organization likely manages a complex ecosystem of counterpartiesâincluding suppliers, vendors, and third parties. Some of these companies are essential to your core operations, while others play a more peripheral role.
FastTrack has been introduced to help our client base gain FHR insight for their less critical suppliers.
What Is Counterparty Criticality?
Criticality refers to the level of risk exposure associated with a counterparty. Factors that determine criticality include:
Single-source relationships
High spend volume
Operational dependency on specific materials or services
Understanding which counterparties critical helps are prioritize risk management efforts.
Introducing FastTrack
The FastTrack program is designed to streamline the process of obtaining Financial Health Ratings (FHRs) for your non-critical suppliers and counterparties. Unlike traditional private company outreach, FastTrack enables a more scalable and efficient approach.
How FastTrack Works
FastTrack allows your team to send open invitations to non-critical suppliers, inviting them to participate in the RapidRatings process. This approach provides:
Broader visibility into the financial health of your supply base
Reduced manual effort for outreach and follow-up
Faster access to FHR reports for a wider range of companies
By leveraging FastTrack, you can enhance your risk oversight without overextending resources on less critical relationships.
If you would like to learn more about the FastTrack program, please reach out to your CSM and Account Manager for more detail.