RapidRatings is a financial health analytics firm that specializes in evaluating the financial stability of public and private companies. It offers objective, data-driven assessments to help businesses manage supply chain risk, third-party risk, and counterparty exposure. Using its proprietary Financial Health System (FHS), RapidRatings delivers forward-looking scores that indicate the financial viability of companies around the world. By integrating with RapidRatings, you can use these insights to make more informed decisions when partnering with vendors and suppliers.
💡This integration requires you to maintain a separate subscription directly with RapidRatings; which may include additional fees for appropriate API access.
What type of data does RapidRatings provide?
RapidRatings primarily provides quantitative financial health data based on companies' financial statements.
- Its core offering is the Financial Health Rating (FHR), a score from 0 to 100 that measures a company’s likelihood of default or financial deterioration over a 12-month to 36-month horizon.
- In addition to the FHR, RapidRatings supplies a total of 15 component scores that break down performance in areas like efficiency, leverage, and liquidity.
- For private companies, the firm works directly with suppliers to obtain and analyze financial statements, providing clients with otherwise inaccessible private company risk data.
Settings and configurations
Once you have obtained a client ID and secret from RapidRatings, navigate to the Rapid Ratings Integrations page in the Admin section of Graphite. This screen provides various settings allowing you to adjust permissions or when data updates are triggered.
Data Settings
From here, you can adjust what data you want to appear in connection profiles. Simply check ‘Show’ next to the datapoint you want inside connection profiles, or uncheck to hide it.
Permission Settings
By default, the Financial Viability topic owners have the permission to initiate an Outreach Request.
However, you can customize this on the Integrations page to either allow all users to request the report or restrict it to one or more user groups.
How data is sourced from RapidRatings
There are four (4) scenarios in which data will be pulled from RapidRatings the first time. In each scenario the data is pulled when the supplier moves to the Review stage:
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When a supplier already has a RapidRatings ID identified in Graphite Connect - this scenario is used most frequently during a legacy upload or a bulk update of existing Graphite suppliers.
- This will be used if your company has used RapidRatings prior to enabling this integration in Graphite Connect and you need to connect existing supplier records to existing records in your RapidRatings FHR portfolio. This data will be provided to the Graphite team as part of the implementation process.
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For suppliers missing the existing RapidRatings ID in Graphite Connect - this scenario is used as a fail-safe to search for an existing supplier in the RapidRatings customer portfolio.
- The data will be queried using the same information used in the outreach form.
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For publicly traded companies - this scenario is used when the company is publicly traded and the stock ticker has been entered by the supplier in Graphite Connect.
- The integration will first look for the supplier in the Customer Portfolio, and if not found, then in the Companies API. Note: Only publicly traded companies that are already available in the RapidRatings Company API will return an FHR score. All others will still require an outreach request.
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Via a manual "outreach" request - this scenario is used when the supplier is not yet available in the RapidRatings Customer Portfolio.
- The outreach request sends a request to the RapidRatings team for them to proceed with their supplier evaluation. Once the evaluation is complete, the data will be sent back to Graphite Connect and the FHR score will update appropriately.
How to view RapidRatings data
Once integrated, there are two locations where you can view RapidRatings data:
- RapidRatings data can be found in the Financial Viability topic in the supplier’s profile. Like all of Graphite’s third-party data integrations, you will see a subsection housing at-a-glance data, including when the data was last updated, if a report hasn’t been generated, or if there is no available data. You can expand the RapidRatings section to get more in-depth information or download a full report directly from RapidRatings.
- RapidRatings data can also be viewed on the Suppliers page. Enable the column you want to see with the table settings, and sort by that datapoint with all your suppliers.
Contact your Technical Account Manager to get more information about this integration option.