Learn all you need to try out the Lite version of Market IQ Risk Module
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Estimated Read Time: 4 minutes
Sections in this Article
What is Market IQ Financial Lite?
Getting Started - Connecting your Vendors to Market IQ
What is Market IQ?
Storing your Vendors & Contracts in Gatekeeper allows you to keep track of your legal obligations, budgets and risks
However, when it comes to the risks of doing business with a new vendor, assessments usually stumble to one the three below pitfalls:
1️⃣ Disparate Data - Once a risk assessment is completed, the data gathered & judgements made are rarely all stored in a centralised place, meaning other teams cannot use this same information for their decision-making and the effort less useful for your organisation as a whole
2️⃣ Manual Processes - The risk assessments performed are often completed in many different systems, making for lots of cumbersome (and error-prone) administrative effort
3️⃣ Static Data - For many organisations, the only time a risk assessment is performed is right at the start of a new Relationship/Contract (maybe these are repeated around key renewal periods). This can mean that any new risks which emerge over time go unnoticed and severe consequences can arise 'unexpectedly'
This is why we developed the Market IQ module
The short explanation of Market IQ is:
A module which can automatically provide risk data from key market sources in the same place you are currently storing your key Vendor data & documents.
Once your vendors are also connected to the Market IQ module, any changes in risk ratings captured by the Risk feeds will automatically update your vendor data in Gatekeeper
If you wish to learn more about Market IQ data (including Market IQ Lite) please watch our webinar:
The parts of this module you'll see below are 2 of the most important categories you should assess & monitor for your Vendors:
Financial: The Financial stability of your Vendors
Cyber: The CyberSecurity risks with your Vendors
What is Market IQ Lite?
If this sort of data is something you're considering building into your Vendor Risk Management, Market IQ Lite is our free-to-use version of the module
With Market IQ Lite enabled, you can connect your Vendors to the Risk feeds, giving you a sample* of the live risk ratings in your Gatekeeper repository
*Due to this being the Lite version of the module, you cannot leverage some of the Advanced features, such as:
- Connecting Vendors to the module within Vendor Onboarding/Assessment Workflows
- Automatically triggering Vendor Risk Monitoring Workflows
- Adding Market IQ Risk Data to your Repository views as Configurable Columns
Market IQ Financial Lite
This part of Market IQ takes live market data to provide you with insights about the Financial stability of your Vendors
With an accurate indication of how stable your vendors are, you will be able to make better decisions such as:
- Should we build in clauses or penalties within our contractual terms to account for possible issues?
- Do we need any mitigation plans in case this vendor encounters insolvency and cannot fulfil its obligations to us?
- Is this Vendor a viable business partner?
📊 Risk Data Provided by
CreditSafe 
⚠️ Risks Prevented
Reduced Quality/Delayed Service due to cashflow issues
Inflexibility to expand operations
Loss of service due to Supply-Chain insolvency
Market IQ Cyber Lite
This part of Market IQ takes live market data to provide you with insights about the Cybersecurity safety rating of your Vendors
With this information, you will be able to make more informed insights about the potential relationship - especially for your Software providers, such as:
- Do we need to adjust/restrict our data sharing policies to minimise possible exposure to a cyber threat?
- Do we need to provide any instructions to the vendor about how we wish our data to be stored/processed/retained?
- Is this Vendor a viable business partner?
📊 Risk Data Provided by
Security Scorecard 
⚠️ Risks Prevented
Reputation damage following Data breaches
Regulator fines due to non-compliance with industry security standards
Loss of service due to cyber attacks
Getting Started - Connecting your Vendors to Market IQ Lite
To connect your Vendors to Market IQ, follow the steps below. Rest assured, this process will not send any notifications or have any impact other than the data visible within the Market IQ tab
You can always disconnect vendors from the module as well, if you like!
Connecting your Vendors to Market IQ Financial ➕
Within the Market IQ tab, hit Connect to view the compatible CreditSafe records
💡 This will work better if you have already populated the Vendor's Legal Name, Registered Address (including Country) & Company Registration Number
Connecting your Vendors to Market IQ Cyber ➕
All you need to connect the Cyber module is the company website, you can enter this directly within the Vendor record's Data tab or by hitting Connect on the Market IQ tab
Connecting automatically after populating a Website
Connecting directly via the Market IQ Tab
💡 If the Vendor you use is a SaaS provider, you should enter the address of their actual service website, not their marketing website
For example, if you are connecting us as a Vendor, you should enter eu.gatekeeperhq.com rather than www.gatekeeperhq.com
FAQ 💬
Q: What is the process when upgrading from Lite to the Advanced version?
A: When upgrading, your Account Executive will be able to switch your tenant settings for you.
All connected Vendors will retain their Market IQ connections & metadata (with the additional Advanced information added automatically)!
This means you'll instantly be able to start leveraging the advanced features like onboarding & monitoring workflow features!
Additional Reading 📚
Get an overview of all the tools and benefits you can realise with our complete Market IQ Suite
See a walkthrough of the key uses cases and benefits of Market IQ (including how to get started with Lite)