Our main priority is to enhance and strengthen your relationships with your suppliers and vendors, through open and transparent conversations.
To that end, we place the highest emphasis on respectful, cordial and transparent conversations with your Targets. We know you have entrusted us with an important and delicate role, and will do everything in our power to respect your relationship.
Who is speaking to the Targets?
Our Network Outreach Team is trained to interact with C-suite individuals, and has a strong foundation in our methodology and Information Security practices. We will take the time to fully answer your Target's questions and ensure that they understand the objective of this program, the broad strokes of our ratings methodology, and the steps we have taken to ensure the confidentiality of the data we receive.
Our team has extensive experience engaging with Targets across many industries.
What strategies are in place to encourage participation?
Regardless of the method of data collection (Client Data Entry, RR Data Entry, Solicitation), our system is also purposely designed so that you initiate first contact with the Target:
- In this communication, it is typical to explain that you would like to review a FHR for the Target to help support your initiatives to improve transparency, increase communication, and build partnerships into the future
- The Target's strategic importance is usually highlighted, as is the fact that this is part of a larger risk management program that most vendors will be asked to participate in
While it is typically true that there is no contractual arrangement to provide financial statements, we find that consistent messaging in line with the above encourages vendors to provide their information. Moreover, our team is successful because of the persistent and consistent contact we maintain with Targets through the Solicitation Process.
Do you enter into Confidentiality Agreements with Targets?
This is a request that we sometimes get, and a scenario that our Network Outreach Team has extensive training on. Our team will generally recommend that our standard agreement be used, as its language is tailored specifically for the program and this type of business exchange. However, if a supplier insists that we use their version, this is something we can almost always accommodate, but will typically elongate the solicitation process as our legal department needs to review and potentially request changes.
We do not sign tri-party NDAs.
| In rare cases, where a Target is refusing to provide financial information, we will offer the option of a Non-Financial FHR or FHR-only Report. This usually involves a much more involved NDA, and means that you only see an FHR score (without the underlying financials) |
Should you have any concerns about the way a case is being handled, please feel free to reach out to us at support@rapidratings.com.
If a Target reaches out to you, we ask that you respectfully refer them back to the Solicitor in charge of the case.