Refusals to Provide Data
It is normal for some private companies to initially refuse to provide financial data. They may not be familiar with the concept of Financial Risk Management or simply hesitant to provide financial statements without a more thorough investigation of the request.
What does RapidRatings do when a counterparty declines?
Our Member Services Team is trained to work with your privately-held counterparties and will work professionally and courteously to address any concerns they have with disclosing their financials.
Will I be notified when a counterparty declines?
Yes! We will send you a “Close Notice” anytime we are unsuccessful in collecting data from a private company. When you receive that notice, you may choose to keep the request open if you’d like to continue to pursue a rating. If that’s the case, please let us know by replying to the close notice.
What should I do when I receive a Close Notice?
That’s up to you. If you’d prefer we stop engaging with the counterparty, there is no need to take any further action. If you do not reply to the notice, we will consider the request closed. However, we encourage you to engage with the target following to close notice to encourage their participation.
We have found that the programs with the highest success rates see clear, consistent messaging from RapidRatings and our client regarding the importance of this program. If you’d like to encourage the Target to participate, here are a few important points to emphasize:
Their participation is critical to your company’s ongoing Risk Management Efforts.
The request is a standard request and the Target Company is not being singled out. We’ve found that companies are less likely to participate if they feel they are being singled out.
Alternative Assessments will not provide you with the standardized, actionable analysis of the FHR.
Optional: You may choose to discuss any internal policies regarding compliance with RapidRatings.
From there, please feel free to refer the Target back to us to answer any more detailed questions about the program.
Questions? You are also welcome to reply directly to any close notice. Otherwise, you can always reach our Client Success team at firstname.lastname@example.org