CreditRiskMonitor API Solutions Improve Supply Chain and Procurement Workflows

Synergy saves.

In 2022, end users are leveraging CreditRiskMonitor®’s API to improve workflow efficiency, and communicate reliable, reputable data across their entire teams. Our RESTful API is platform agnostic, i.e. intractable with SAP Ariba, Oracle, Resilinic, Coupa, or your own homegrown software, and can respond directly with XML and JSON format. What’s more, readily available real-time financial stress scores and other data points are necessary solutions for supply chain and procurement departments. This scalable data provides automation for supply chain analysis, reviewing prospective vendors, and RFP processes. In short, CreditRiskMonitor’s API assimilates our data into your workflows to remove hassle and save your team time and effort.

CreditRiskMonitor is a B2B financial risk analysis platform designed for credit, supply chain, and other risk managers. Our service empowers clients with industry-leading, proprietary bankruptcy models including our 96%-accurate FRISK® score for public companies and 80+%-accurate PAYCE® score for private companies, and the underlying data required for efficient, effective financial risk decision-making. Thousands of corporations worldwide – including nearly 40% of the Fortune 1000 – rely on our expertise to help them stay ahead of financial risk quickly, accurately, and cost-effectively.

Improving Your Current Process

Supply chain professionals regularly work in all-in-one software to get their job done. However, many platforms lack reliable and real-time financial analysis, which can leave your company exposed to direct supplier disruptions, tier 2 and tier 3 bankruptcies, and other risks. 

Instead, it is best practice to have reliable information in one dashboard for more effective and efficient workflows. A more straightforward pull from CreditRiskMonitor® gets you there, with your company saving thousands of work hours in the process. 

CreditRiskMonitor®’s API solution offers a variety of high-quality data points, including:

  • The FRISK® score on hundreds of thousands of public and private companies worldwide, covering an estimated $91.4 trillion in corporate revenue compared to estimated global GDP of $89.4 trillion
  • About 30 million business reports, including companies with PAYCE® scores, bond agency ratings, and financial statements
  • Customizable company portfolios, real-time news alerts, and trade payments, parent-subsidiary hierarchies, detailed financial analysis, and management, discussion, and analysis (MD&As), among other information

Supply chain and procurement professionals utilize this information in their daily workflows to pull data as needed, obtain real-time information, and make better business decisions. The API helps professionals with vendor filtering, onboarding, and monitoring of critical and strategic relationships – you can learn more about our solution here

One of the most powerful features of API integration is getting the FRISK® score embedded in the workflows that matter most. Subscribers use the 96%-accurate, daily-updated FRISK® score as their first line of defense to inform about a counterparty’s increasing bankruptcy risk. The same is also true for the 70%-accurate PAYCE® score on private companies. With both scores in hand via API, subscribers can quickly and easily identify tasks tied to high-risk counterparties and prioritize their workflow to most optimally reduce dollars-at-risk.

As a particular use case, a subscriber can receive a daily update of their company portfolio of FRISK® scores and financial statement information (e.g. cash burn rates, liquidity, and debt servicing ratios) alongside data such as purchase orders and days of supply in their dashboard. This view allows a user to promptly run a report, inform team members, engage with counterparties, and make changes to minimize risk. For example, if a large customer account is in the highest-risk FRISK® score of “1” and rapidly burning liquidity, the subscriber will want to act immediately. 

Supply chain professionals also have access to our tools to process private company financials. If your company has access to your vendor’s financial statements, CreditRiskMonitor® can process them to provide you with an apples-to-apples scoring comparison between public and private companies. Once the financial statements are processed, two report features made available include the FRISK® score and peer analysis tool that cover 40 different financial ratios.

Mitigate Disruption Risk Today

APIs were vital during the COVID-19 Credit Crisis as companies were falling like dominos. Subscribers viewed FRISK® score downgrades in real-time to identify bankruptcy risk before companies reported their financial results. In fact, thousands of companies worldwide were downgraded into the red zone several months in advance of Altman Z’’-Scores showing any meaningful deterioration. Payment behavior showed little to no change whatsoever. Risk professionals that used financial statements or payment trends were blindsided, which resulted in supply chain disruptions. 

Many suppliers that survived the downturn had to issue debt that still lingers on balance sheets. Not only are there record levels of corporate debt worldwide, but there has also been a massive proliferation of zombie vendors, or entities that cannot service their interest payments. The proverbial spark to this tinder of zombies is rising interest rates. Moreover, there are also clear signs of spiraling economic warfare that could soon result in another downturn. API integrations will once again help subscribers identify their weakest links quickly and make their supply chains more resilient.

If you have not already brought CreditRiskMonitor®’s API solution into your workflow process, you can learn more about it here, which contains documentation, examples, and the ability to request developer access. 

Bottom Line

Procurement professionals like yourself are preparing for another economic downturn and our API will enhance your workflows. More and more subscribers are currently integrating our API solution for customized data to improve their processes. Bankruptcy prediction scores such as the FRISK®, along with financial statement data rank among the top features that help subscribers make better risk decisions. If your team has any questions about how to integrate our API or available datasets, please contact us or give us a call at 845-230-3000.

Product Focus