To ensure you have up-to-date actionable insights into your counterparty population, RapidRatings employs a “Refresh” Management program to update existing FHR Reports. RapidRatings strongly encourages our clients to keep all ratings within 12 months so your team can review historical trends and address any potential risks based on up-to-date information.
Unlike public company reports, private company reports are updated manually. As such, RapidRatings will need to work directly with the FHR Exchange Member to gather more recent financial information, and complete the Data Analysis, to update each of the private company reports.
RapidRatings has implemented a “Refresh Management” program to assist in updating the private company reports. There are two main approaches to this program, which are outlined below:
Automatic
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- RapidRatings will launch refresh requests without direct client confirmation.
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- The companies included in the automatic refresh approach will be based on private companies in the clients Master Portfolio that have participated in the Outreach program. To remove a private company from the refresh program, simply remove that company from your Master Portfolio. Additional information on editing master portfolios, navigate to this article here: Building Portfolios – RapidRatings
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- RapidRatings will launch the requests using historical financial submission dates. Therefore, refresh timing is dependent on when the member will have updated financial information available.
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- For a company to be “eligible” for an automated refresh, the most recent request for that company must be “Rated” or “Share Accepted”
Confirmation Needed
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- At the beginning of each contract year, Client Support will send a list of eligible refreshes for the year to the client.
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- To proceed with the refreshes, RapidRatings must receive confirmation directly from the client.
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- Once confirmed, RapidRatings will launch the refreshes on a scheduled basis
All programs default to the Automatic approach until requested or confirmed otherwise. Please note that Clients can request a change in preference at any time.
For clients who have the automated refreshes, private company outreach request count includes requests that have been requested by your client organization directly, or proactively through another client source. If the private company report that is in your master portfolio is updated, regardless of the source of the update, this new rating is counted towards your private company outreach utilization.
If you have any questions or would like to change your program’s approach for refreshes, please contact your Client Success Manager for additional information.