Graphite Connect Partners with RapidRatings to Offer Deeper Visibility into Third-Party Supplier Risk
Businesses can now mitigate supplier financial risk through a new early warning system that integrates RapidRatings’ financial health ratings into the Graphite Connect supplier management platform.
May 17, 2022
Lehi, UT – Graphite Connect, the first supplier management network built on a cloud-based platform, today announced a partnership with RapidRatings, the leading provider of financial risk assessments. Seamless integration of RapidRatings’ financial health ratings into the Graphite platform offers companies forward-looking visibility into the financial risks of doing business with third-party organizations.
Manufacturing and supply chain teams have managed risk for as long as the modern factory has existed. But within the last two to three decades, the explosion of digital and a global supply chain has accelerated supplier risk. Being able to effectively manage these threats is crucial, particularly for any business that partners with hundreds or even thousands of different suppliers.
“At Graphite, we are committed to eliminating the friction that surrounds supplier onboarding and risk management. This partnership with RapidRatings offers a real-time, holistic view of third-party financial vulnerabilities for more rigorous due diligence. Objective insight into the financial viability of third-parties empowers businesses to make faster, more informed risk management decisions and meet regulatory requirements. The ability to integrate financial intelligence capabilities so that clients can view a potential supplier’s financial health ratings in the Graphite platform is a huge breakthrough,” said Conrad Smith, CEO of Graphite Connect.
Through a combination of advanced analytics and proprietary algorithms, RapidRatings produces two key measures of a company’s financial health:
- FHR®: A single number from 0-100 that indicates the probability of default within 12 months
- Core Health Score: A measurement that reflects operational efficiency and long-term sustainability
Graphite customers can now identify early warnings of future performance or potential disruption issues before they occur. The financial insights gained support strategic decision-making whether that means taking risk mitigation action or adjusting the business relationship.
James Gellert, Chairman and CEO of RapidRatings said. “Financial health is foundational to building a resilient supply chain, and now more than ever, these insights are critical in reducing the risk during onboarding and building meaningful business relationships.”
About Graphite Connect
Graphite Connect is the leading supplier management platform that helps global enterprises and small businesses streamline the entire procurement process from onboarding to risk management. A central network provides a single, secure location to manage data, tasks, and teams. Both suppliers and buyers gain immediate and secure access to all the information they need—in one place. Key supplier commercial data like TIN checking, OFAC, and W-9 forms is automatically validated within Graphite to drastically speed up onboarding and mitigate third-party risk.
RapidRatings® sets the standard for financial health transparency between business partners, transforming the way the world’s leading companies manage enterprise and financial risk. RapidRatings provides the most sophisticated analysis of the financial health of public and private companies in over 140 countries worldwide. The company’s predictive analytics provide insights into how suppliers, vendors, and other third-parties are likely to perform. For more information, visit rapidratings.com.