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Market IQ: Evaluating & Monitoring Vendor Risk

 

 

Following the release of Market IQ Lite, we assembled a team of Gatekeeper experts to go through our full Market IQ module.

In this webinar, we discuss the importance of Risk Management in your Vendor relationships, some of the common pitfalls we see occurring while obtaining, utilising & monitoring risk data, and ultimately how best to avoid these issues with Market IQ in Gatekeeper.

If you attended the webinar and want to learn more about Market IQ (including if you want to try out Market IQ lite) you can reach out to our Customer Success Team here

 

 


 

Supporting Knowledgebase Guidance 📚

If you are interested trying out MIQ Lite, or are getting started with the full Market IQ Advanced, the below knowledgebase guides are a must if you want to realise the same benefits we discuss in the webinar

📖 Market IQ Cyber

📖 Market IQ Cyber in Workflows

📖 Market IQ Financial

📖 Market IQ Financial in Workflows

📖 Market IQ Screen

📖 Market IQ Lite

 

For the workflows we used in the Webinar, you can see introductions to these processes (as well as how they can be configured for your Gatekeeper environment) in the below guides:

🛠️ Create Your Own - Vendor Onboarding Workflow

🛠️ Create Your Own - ESG Assessment Workflow

🛠️ Create Your Own - Market IQ Monitoring Workflow

 

 


 

Webinar Q&A 💬

 

Q: Does Gatekeeper plan on supporting Vendors from EVERY country with Market IQ?

A: For Cyber, Yes. Cyber Risk scores will be provided for any vendor, regardless of country

For Financial, this is down to the countries Reported/Monitored by Creditsafe

For a list of the supported countries, see this guide from Creditsafe:

📘 International Capabilities Booklet - 2023

🔗 Download the latest version of Creditsafe's Capabilities here

For Screen, this generally will not depend on the country of the Vendor but often by the country where the sanctions, judgements are in effect (i.e. in Government databases)

 

Q: How many vendors can I do this for? Is there a limit?

A: For Market IQ Lite, you can connect as many Vendors as you wish.

For Market IQ Advanced, the number of Vendors you can connect will be decided by the quota you set in your Subscription. Your Account Executive can discuss this model with you when you decide to leverage the Advanced module

 

Q: Why is a “B” green in finance but a “B” in Cyber is yellow? Why not consistent?

A:  We use the "Risk Description" as well as colour coding & icons directly from their source - this is to ensure the data coming directly from SecurityScorecard & Creditsafe is kept in tact

Security Scorecard CyberSecurity Risk Scores Colours:

CreditSafe Financial Risk Scores:

 

Q: Do you need to enter full company legal names to bring up market/CreditSafe data?

A: When connecting Vendors to Market IQ Financial, the CreditSafe search is performed using:

  • Company Legal Name
  • Company Registration Number
  • Company Registered Address (including Country)

Even if you only have the Name & Country, Gatekeeper will perform a search to show you possible matches. However, the more information you have, the more likely you are to get an accurate match!

And - like Rich said in the webinar - if you are gathering this data directly from your new vendors, you should reasonably be able to expect them to input this information for you

💡We have also added a "Fallback Search" feature where - if your combination of Name/Registration Number/Address returns zero matches - we will search the Creditsafe database on name alone

 

Q: For the off-the-shelf ESG Workflow can you customise the questions and be able to report?

A: Of course, the Best Practice template comes with a pre-built form, but the knowledgebase guide covers how you can add your own questions, especially if you wish to build a Custom Tab for easier vendor assessment later on!

We show in the webinar (see 17:49) how to add ESG data from your custom tab to a repository "Saved View" which can give you reporting oversight on all your Vendor's ESG responses

 

Q: Will the upcoming date [Next ESG Review] need to be seen on Owner and Executive dashboards?

A: Since this is a custom date field, it will not appear in the standard dashboards. It can be configured in a Saved View (as we showed at 18:00 in the webinar)

However, since this field will be used in an automated Workflow Trigger, users do not need to keep track of these dates; Gatekeeper will use them to automatically initiate reviews when the dates are approaching!

See 34:12 in the webinar for context