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OCTOBER UPDATE FROM EPIM JQS

This month's newsletter covers the following topics;

• New feature: Financial information, credit risk assessment, and events (global)
• New feature: Currency converter
• New feature: Ownership structure (global)
• New feature: Monitoring

• Tip: Ensure searchability of your products and services

Financial information, credit risk assessment, and events

EPIM JQS now provides global coverage of financial information and corporate ownership structure (previously named 'Associated companies', all of which have been greatly expanded in the amount of data and metrics provided.

Financial Key Figures:
The financial key figures are segregated into the main accounting posts, such as assets, liabilities, profit and loss statement, and financial liquidity ratios. All financial information is provided by Dun & Bradstreet and is typically based on available audited financial records, such as public annual and/or quarterly reports.



(A snippet from the Financial Key Figures of supplier Aker Solutions AS)

Credit rating assessments:
The Dun and Bradstreet 'credit rating' metric is now only available for those companies which are defined as Operators ('buyer organizations' with an explicit need to assess credit ratings as part of their due dilligence), and access to this rating can be considered expanded once or if a significant number of non-operator companies request this.

In lieu of access to an individual company's credit rating, all companies now also have access to the individual assessments credit risk assessment from Dun and Bradstreet, including credit limit recommendations, failure scores, and severe negative events indicator).



(A snippet from a non-disclosed supplier's risk assessment and maximum credit recommendation, under Financial Info, Risk Assessment and Maximum Credit Recommendations)

Events:
Users are now able to assess a company's events tied to legal, financial and/or significant events.

Legal events:
The details of the legal actions targeting the company, such as criminal proceedings, protested bills, county court judgments, receiverships, bankruptcies. Note: Only latest 100 events included.

Financial Events:
The details about the events that have occurred and directly affect the entity's finances (e.g., the means by which money is obtained by the entity, financial securities that have been filed that affect the entity). Note: Only latest 100 events included.

Significant events:
The details about key events that may affect the company. This may include such things as natural disasters (e.g., floods, hurricane), accidents (e.g., chemical spillage), major events at the business (e.g., change of control, business interruption, awarded contract), societal events (e.g., war, civil disturbance).


(A snippet from a non-disclosed supplier's events assessment (financial, legal and significant), under Financial Info, Events)

New feature: Currency converter (global)

Users are now able to examine, assess and retrieve any financial monetary metric in their currency of choice, using current valuations and exchange rates. Users are also able to switch freely between preferred currency for any given supplier's financial key figures.

New feature: Ownership structure (global)

You will now be able to assess any company's full corporate ownership structure, allowing you to explore additional potential suppliers or partner companies, and giving you a greatly expanded assessment opportunities when considering a company's capacities, potential and overall risks.



(a snippet from the family tree of Aker Solutions ASA)


Q: What is the term 'global ultimate' used to denote?
A: This is a term used to indicate the highest level parent within a corporate family tree. An entity may be its own Global Ultimate.

Q: What is the term 'domestic ultimate' used to denote?
A: This is a term used to indicate the highest level parent within a corporate family tree that is domiciled in the same country as the requested company. An entity may be its own Domestic Ultimate.

New feature: Monitoring

Changes in financial and/or ownership information will now be reflected real-time* in EPIM JQS for all registered companies. You will also have access to information such additional timestamps indicating from which dates the latest information has been provided by the supplier, by credit assessment companies, or other third parties, etcetera.

*availability of new information peraining to a supplier's updated financials or ownership strcture can vary depending on geography and regional differences and accounting principles, and will be reflected in EPIM JQS immediately when such changes are made publicly available.

Tip: Searchability (visibility) of products and services

Suppliers must ensure that registered categories are in status . Only categories in status are searchable for others.

Statuses such as (e.g. detected and suggested by EPIM JQS but not confirmed by supplier) and (e.g. added by supplier from category library but not finalized by supplier) are not searchable or visible for others.

How to change categories to status ;

1. Go to the tab PRODUCTS & SERVICES and open Products and/or Services from the left menu panel
2. Find any of your categories currently in status or
2. Click on More Details and then EDIT
3. Fill in information about the product or service and click on the SAVE button

The category is now in status and is now visible and searchable for others.

From the previous newsletter (issued June 2020)


EPIM JQS Webinar

On May 26th, EPIM JQS was presented to suppliers at a webinar hosted by Stavanger Chamber of Commerce.

The main focus on the webinar was to highlight the opportunities and various user interfaces and use-cases for suppliers within the service. In addition to speakers and presenters from Norsk olje og gass (Norwegian Oil and Gas Association), the webinar included guest speakers from Equinor and Lundin Energy, accentuating the importance of registering and using EPIM JQS, and how to get started.


"EPIM JQS (Webinar, 26.05.2020)"
(YouTube, Norwegian language)
by Stavanger Chamber of Commerce

EPIM JQS by Norsk olje og gass (video)


"EPIM JQS" by Norsk olje og gass (Vimeo)

This video provides a summary of the purpose of EPIM JQS and how suppliers can utilize the service to its full potential, and how this can benefit both buyers and suppliers registered in the service.

For questions or support, please contact:

support@epimjqs.no
(+47) 23 26 13 94 (08:00 - 16:00 CET)

🌐www.epimjqs.no

Norsk olje og gass (Norwegian Oil and Gas Association)
Vassbotnen 1, 4313 Sandnes, Norway







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Norsk olje og gass (Collabor8) · Laberget 22 · Fjordpiren · Stavanger, Rogaland 4020 · Norway