🛠 Create Your Own - MarketIQ Monitoring & Escalation Workflow

Create a workflow for the autonomous risk-monitoring of your vendors

 

      Safeguard Compliance

      Estimated Read Time: 13 Minutes

         Estimated Configuration Time: 30 - 55 Minutes

 

 

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Sections in this Article

Introduction

Workflow Diagram

Configuration

🛠 Mandatory Configuration Steps 🛠

Configure the Trigger/s

Create Workflow Group/s

Assign Phase Owners

Amend the Email Notification Content

Configure the Form Questionnaires

🛠 Additional Configuration Steps 🛠

Remove Vendor Portal

Before you Start - Other Considerations

Getting Started - How to start using your new workflow

Additional Reading

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The Workflow - Overview

 

This workflow is designed to enable the automatic monitoring your vendors for any Financial or Cybersecurity risks

Once you have connected a vendor to one of our Market IQ modules, setting up this workflow will allow the live data (which is continuously & automatically updated in Gatekeeper) to trigger reviews based on changes to these Market IQ risk scores

 

Demo Video Coming Soon...

 

Workflow Diagram: XML / PDF

 

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The Workflow - Configuration

To configure the whole process in one sitting, we will be recording walkthrough videos for you to follow along

In the meantime, you can follow the subsequent bullet points/videos which have been broken up into smaller steps....

 

Configuration Video Coming Soon...

 

Adding the Template

Before you get started with the configuration, you will of course need to add the Template workflow to your tenant.

Step 1) Head to the Workflows page

Step 2) Hit Add > Workflow Template

Step 3) Select the 📉 Market IQ Escalation 📈  Template

Step 4) If necessary, amend the new workflow's Title

Including the Market IQ module name is recommended!

Step 5) Hit ✅ Create

 

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🛠 Mandatory Configuration Steps 🛠

These are the basic steps required to make the workflow functional

Technically, once you complete this chapter, your new workflow will work as an end-to-end process

The ⬇️ Additional Configuration ⬇️ steps are optional additions to change the scope of the process & adapt the workflow further to fit your organisation's practices & Gatekeeper subscription 

 

Configuration Video Coming Soon...

 

Configure the Workflow Trigger

Step 1) Head to the Workflows page

Step 2) Click to edit the workflow then select the Workflow Triggers option

Step 3) Hit ➕ ADD TRIGGER

Step 4) Enter a Trigger Name

Step 5) Configure all the conditions for this by hitting ➕ADD

        For Market IQ Financial, we recommend:

 

Create Workflow Group/s

Step 1) Head to Settings > Users

Step 2) Hit Add > Workflow Group

Step 3) Enter the Title of this new group

Entering a Description is optional but can be included to help you identify the group if making updates to your workflow groups in future. It may be useful to mention the team & processes this group has been created for

Step 4) Edit this new Group to begin adding Members

 

 

Assign Phase Owners

Part 1 - Risk Review Phases

Step 1) Head to the Vendor & Risk Management Review phase & hit Edit this Phase

Step 2) Navigate to the Form Access tab

Step 3) Select the responsible Users/Groups under Card Owners & hit ✅ Save

Step 4) Repeat Steps 1-3 for the following phases:

Holding Phase | Monitoring

Offboard Vendor

 

Amend Email Notification content

The template is designed to work for monitoring Vendor Risks coming from the Market IQ Financial data feed or the Market IQ Cyber data feed

As a result, you need adapt the messaging and dynamic content in the notification emails.

Step 1) Select a phase where you wish to amend the notification content & hit Edit this Phase

Step 2) Navigate to the Notifications tab

Step 3) Hit the Edit button for the Email Template for any of the enabled Notifications

Step 4) Delete the tag (and the word "OR") from the below line which is not relevant to your workflow:

Step 5) Add any other context as necessary for your review process

Step 6) Hit ✅ Update, then ✅ Save

 

Add the Market IQ Metadata to the Form

Step 1) Go to the start phase of the workflow & hit Edit this Phase

Step 2) Navigate to the Form tab

Step 3) Scroll to the bottom and hit ADD SECTION

Step 4) Give the section a Name (e.g. "Market IQ Financial Data")

Step 5) Select Predefined: Vendor, then for Custom Data Group choose Market IQ  | Financial

Step 6) Hit ✅ Save

You can also use REORDER to drag & drop this new section to a different position in the form

 

Configure the Form Questionnaires

There are 3 custom Form Sections in the workflow. These are designed to allow you to capture context/feedback/decisions from your users during the review process

 

Step 1) Head to the start phase & hit Edit this Phase

Step 2) Navigate to the Form tab

Step 3) Within the Form Section you wish to amend:

Option A) Hit ➕ ADD FIELD to include additional questions in the form

Option B) Hit the menu icon then amend or remove fields

 

 

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🛠 Additional Configuration Steps 🛠

This chapter will contain optional steps to amend the scope  or preconfigured settings of the workflow so that it works optimally for your organisation & users

 

Configuration Video Coming Soon...

 

Remove the Vendor Portal Review

When a risk arises which could jeopardise your relationship with a vendor, it is prudent to get all necessary context before acting - this could include insight from the Vendor themselves

This is why the workflow template includes an option to involve them in your review

However, if you do not have the Vendor Portal in your Gatekeeper subscription, this will need to be removed, making this workflow into an internal review process:

Part 1 - Remove transitions pointing to the Vendor Review phase

Step 1) Head to the Internal Vendor Manager Review phase and hit Edit this Phase

Step 2) Navigate to the Transitions tab & click the Submit | Escalate to Vendor transition

Step 3) Next to Condition 2, hit the  Delete icon 

Step 4) Switch the Transition Status to Pipeline then set Transition to Phase to No Transition

Step 5) Now hit < Back & use the  Delete icon to remove the transition entirely

Part 2 - Remove the associated Form question

Step 1) While still on the Internal Vendor Manager Review phase, navigate to the Form tab

Step 2) Delete the VENDOR QUESTIONNAIRE form section

Step 3) In the VENDOR OWNER QUESTIONNAIRE section, delete the fields for "Context" and "Should we escalate...?"

Part 3 - Archive the Phase

Now head to the Vendor Review phase and hit Archive

 

 

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✋ Before you start - Additional configuration to consider 🤚

 

If you have followed the steps above, your workflow is almost ready to go

However, to ensure this process runs as smoothly and reliably as possible, there are some other areas of your Gatekeeper environment you should check over!

Connect Vendors to MarketIQ

It goes without saying, but Vendors cannot be monitored for Risk reviews via this workflow if the Market IQ data is not being pulled from our automated data feeds

Connecting Vendors to MIQ Financial

Step 1) Click to open a Vendor Record

Step 2) Navigate to the Market IQ tab & hit ➕ Add Market IQ | Finance to this Vendor

Step 3) Select the correct company in the Data Match list & hit Apply

⬇️ See our article below for more details on connecting vendors to Market IQ Financial ⬇️

Connecting Vendors to MIQ Cyber

Connecting vendors to Market IQ Cyber is much simpler than Financial - You just need to ensure you have populated a Website for the vendors you wish to monitor via the module

⬇️ See our article below for more details on connecting vendors to Market IQ Cyber ⬇️

 

 

Populate Internal Vendor Managers

The first phase of this workflow works best if the appropriate Vendor Manager can be assigned & notified that one of their relationships is showing a new risk

Step 1) Find a vendor which does not have an Internal Owner in your repository

Step 2) Click to Edit this vendor & navigate to the Owners tab

Step 3) Assign an owner & hit ✅ Save & Exit

Add Vendor Users

If you want to be able to involve your vendor contacts in this process to provide potentially crucial context, they need to be added to your vendor records in Gatekeeper

Step 1) Click to open a Vendor Record

Step 2) Navigate to the Vendor Users tab to check what user contact details have been already added

Step 3) Hit Add > Vendor User to add a new contact

 

You can see a full list of all Vendor users in your tenant in the Vendor Users Report:

 

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Getting started! ⚡️

 

Switching on your trigger/s

Step 1) Head to the Workflows page

Step 2) Click to edit the workflow then select the Workflow Triggers option

Step 3) Click your trigger's name

Step 4) Switch the Trigger Status from Pipeline to Live

Step 5) Repeat for all triggers you have added

Your monitoring workflow is now active!

Any of your Market IQ-connected vendors showing a drop in their scores in line with your trigger conditions will automatically begin a risk review process

 

 

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Additional Reading 📚

 

Market IQ Financial

Learn about the data available within our CreditSafe integration module

 

Market IQ Cyber

Learn about the data available within our  Security Scorecard integration module

 

⚡️Supplier Portal Expert - Invitation Emails

Review the best way to configure how your Vendor users will be invited to the Gatekeeper platform

A simple configuration task but extremely important if you want to set clear expectations from the outset and operate with transparency in all your new relationships

 

⚡️Testing Triggered Workflows

Learn how to manually trigger test cards for this workflow to test out the process before switching on the real triggers for your active Vendors