How can we explain the sudden decline in customer satisfaction scores for NAVEX's RiskRate third-party risk management platform over the past two weeks?

Introduction

The sudden decline in customer satisfaction scores for NAVEX's RiskRate third-party risk management platform over the past two weeks is a critical issue that demands immediate attention. To address this problem, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both short-term fixes and long-term strategic implications.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might have been a recent product update. Has there been any significant change or feature release in the past month?

Why it matters: Recent changes often correlate with satisfaction fluctuations. Expected answer: Yes, a new feature was released three weeks ago. Impact on approach: If true, we'd focus on the new feature's performance and user adoption.

• Considering the nature of the platform, I'm curious about the user segments affected. Are we seeing this decline across all customer types, or is it concentrated in specific segments?

Why it matters: Helps narrow down potential causes and tailor solutions. Expected answer: The decline is more pronounced among enterprise customers. Impact on approach: We'd prioritize enterprise-specific features and workflows in our analysis.

• Given the suddenness of the decline, I'm wondering about any external factors. Have there been any significant industry events or regulatory changes in the past month?

Why it matters: External factors can significantly impact satisfaction, especially in risk management. Expected answer: No major industry events, but a new compliance regulation was announced. Impact on approach: We'd investigate how the platform is adapting to new regulatory requirements.

• Thinking about the metric itself, I'm curious about the data collection method. Has there been any change in how we measure or collect customer satisfaction data?

Why it matters: Changes in measurement can sometimes explain sudden shifts in metrics. Expected answer: No changes in data collection methods. Impact on approach: We'd focus on actual user experience rather than measurement anomalies.