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Step 2: Overview of the Network Outreach process

Run Xu
  • Updated

 

Below is a brief overview of the Network Outreach process. Please note, this service is only available to clients who have subscribed to the program.  

Stage 1: Pre-Network Outreach (up to 1 month)

  1. Establish your vendor list with relevant counterparty and internal relationship contact information 
  2. Gather the information needed to start the outreach
  3. Refine your introduction letter to the counterparty, using our standard letter as a base

We offer a complimentary segmentation service (identifying publics versus privates) at the start of every relationship year that can help with Step 1. Contact your Client Services rep for more information

Stage 2: Network Outreach (a few days - 2 months)

  1. Initiate a request by implementing the 2-step process: 1. Send the introduction letter to each counterparty with fhrexchangesupport@rapidratings.com cc'd. In tandem, send the excel spreadsheet with the relevant contact details to the same email inbox.

  2. Within 3 business days, the request will be imported into the FHR Exchange and the case assigned to an analyst on our Network Outreach team. This analyst will reach out to your counterparty to provide credentials to a secure upload center, and will guide them through the process

  3. We follow up with your counterparties at least once a week. You can check on the status of your private company in a couple ways

  4. If a supplier is unresponsive to six email messages and two phone calls, we will escalate the case back to the Relationship Manager at your company

Stage 3:  Production (1 - 3 business days)

  1. Our Data Analysis team analyzes vendors' submitted financials, performs Quality Assurance, and then enters them directly into our secure database

  2. RapidRatings produces FHR reports (along with our other products), uploads results to your portfolios, and notifies your users

Stage 4: Refresh (Ongoing)

  1. An update to private company ratings is called a refresh, and counts towards your Network Outreach allotment. Simply let us know that you'd like to update a company by emailing fhrexchangesupport@rapidratings.com. As we have worked with this counterparty on your behalf prior to the refresh, the 2-step process is not required.

  2. We also offer a complimentary refresh service that provides you with a list of outdated ratings when requested. We will reach out to collect new data without any additional effort from you, unless you specify otherwise

If we have not successfully rated a company in the past, we will ask you to re-initiate via the 2-step process to ensure that RapidRatings is re-introduced to a previously uncooperative counterparty

Ready to start? Check out Step 3: How to initiate 

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