The FHR Exchange comes with some new terminology. Please find definitions for these terms below:
- Request: Equivalent to what was referred to as a “solicitation” on our legacy platform, a request represents one counterparty that RapidRatings is engaging with and/or has engaged with to obtain an FHR
- A New Request represents a counterparty that RapidRatings is engaging with on the Client’s behalf for the first time
- A Refresh Request is for a counterparty that RapidRatings has previously rated and is re-engaging with to update their FHR
- Active Share: Equivalent to the legacy status of “Won,” an active share is a counterparty that has been successfully rated
- Open: Equivalent to the legacy status of “In Progress,” open requests are those that the RapidRatings team is actively working on but for which ratings have not yet been generated
- In Progress: Specifically refers to request without a financial submission
- Closed: Equivalent to the legacy status of “Lost,” closed requests are those that the RapidRatings team was not able to generate ratings for
- Counterparty: Refers to a company that the Client works with, such as a supplier or vendor
- Reference ID: A unique ID assigned to the counterparty by the Client, such as a supplier number
- Prepaid: refers to the allotment of requests included in the Client’s subscription
- Network Paid/Membership: refers to requests made within RapidRatings’ supplier paid model
- Status Report: A new feature of the FHR Network Platform includes access to a real-time on-demand status report, a downloadable Excel file of all requests initiated for the Client
- Campaign: refers to a grouping or batch of requests
- Standard Disclosure: Equivalent to the legacy “Full FHR Report” status, this label indicates that the counterparty has agreed to disclose their financial details to the Client
- Limited Disclosure: Equivalent to the legacy “Non-Financial Report,” this label indicates that the counterparty has opted to share their FHR score with the Client but not any underlying financial information
- Activity Log: Equivalent to the legacy “Live Solicitation Status,” the activity log shows the history of the request and its status changes
- Click here for descriptions of FHR Network Statuses