Using Market IQ Financial in Workflows

Estimated Read Time: 8 minutes

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Sections in this article:

• View Market IQ Data in Workflows
  • Kanban View
  • List View
  • Email View
• Using Market IQ Data in Workflows
  • Connect New Vendors to Market IQ
  • Conditional Reviews/Approvals
  • Ongoing Risk Monitoring
• Configure Market IQ Workflows
  • Add Market IQ Data to the Workflow Form
  • Connect Vendors to Market IQ Financial
  • Conditional Market IQ Approvals
  • Configure Triggers for Automated Vendor Risk Monitoring
  • Add Market IQ Scores to Notification Emails
• FAQs
• Additional Reading

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View Market IQ Data in Workflows

Kanban View

When viewing a kanban board, vendors linked to Market IQ Financial will display their grade on the associated workflow card. Hover over the grade to see the associated risk level.

List View

If the Market IQ | Financial data section is added to the workflow form, vendors linked to Market IQ will have the fields automatically populated with financial metrics. These can be added as columns in the list view:

Email View

When editing email templates, you can add a dynamic tag to include the vendor’s Market IQ score in notification emails sent to users.

Using Market IQ in Workflows

Connect New Vendors to Market IQ

If you use Market IQ Financial to monitor vendors, you can link new vendors to it directly within your Vendor Onboarding workflow. This makes the data available during initial due diligence and automatically connects every new vendor.

Within the workflow card, users can click Update Vendor With Market IQ | Financial and enter the relevant details to match the correct company.

Conditional Reviews/Approvals

Once the Market IQ | Financial form section is added and populated, you can use this to automate reviews and approvals for high-risk vendors. For example, the Credit Rating field can act as a condition for triggering conditional reviews:

Ongoing Risk Monitoring

Once Market IQ Financial is connected to your vendors, live updates to the data can trigger review processes automatically. 

In the example above, vendors will automatically be added to a review workflow when their rating drops to a C or below. You can enable notifications to key stakeholders to prompt them to review and take action.

Configure Market IQ Workflows

Add Market IQ Data to the Workflow Form

1. Click on the start phase of the workflow to edit it. 
2. Navigate to Form, then click Add Section.
3. Enter a section name (e.g MIQ Financial Data or Creditsafe Data), then select the following from the dropdown lists:
   1. Predefined: Vendor
   2. Custom Data Group: Market IQ | Financial
   
   
4. Click Save.

By default, the newly added form section will be read-only at every phase. You can set the section to hidden in any phase where it isn't relevant, or before the vendor is connected and the fields are blank. This reduces clutter and prevents confusion. To manage visibility:

1. Click on the phase you wish to change the visibility on to edit it.
2. Navigate to Form, then select the relevant radio button for the Market IQ Financial section

Connect Vendors to Market IQ Financial

Next, you need to enable an action on an appropriate phase to allow the phase owner to manually connect the vendor to Market IQ Financial.

1. Click on the phase where you wish to connect vendors to Creditsafe.
2. Navigate to Actions, then select the Update Vendor with Market IQ | Financial checkbox.

Conditional Market IQ Approvals

To set up a conditional approval phase:

1. Click Add to add a new phase and enter a title (e.g Financial Risk Review ☑️ )
2. Click Save & Next. 
3. Click Back to Workflow, then click the  Reorder icon.
4. Click and drag this phase to its correct position in the workflow, then click Update.
5. Click on the phase before the new approval phase to edit it, then from Transitions select the Conditional radio button.
6. Click Add and configure the new transition. For example, you could transition any cards with a Credit Rating of C, D, or E, to the Financial Risk Review phase.
7. 
8. Reorder any conditional transitions so the new one is at the top of the list (this ensures that Gatekeeper checks it first).
9. Configure the rest of the new approval phase as required (i.e. Form Access, Approval, Notifications, Transitions, SLA, etc.)

See Add Phases to a Workflow for more detailed guidance on phase configuration.

Configure Triggers for Automated Vendor Risk Monitoring

This section outlines how to configure the trigger for initiating a Market IQ monitoring workflow. This is not required for onboarding workflows. Once you have configured your Financial Risk Monitoring workflow:

1. From the navigation menu, click Workflows.
2. Select the 3 dots on the relevant workflow then select Workflow Triggers.
3. Click ➕ Add Trigger.
4. Enter a Trigger Name (e.g. Credit Rating Drop) then click Create.
5. Click ➕ Add to set up your conditions, for example:
   1. Market IQ | Financial / Credit Rating / Trending = Down
   2. Market IQ | Financial / Credit Rating = one of D, E
6. Set your Trigger Status to Live when you want to start pulling vendors into the workflow for review.

Add Market IQ Scores to Notification Emails

You can configure email notifications to include Market IQ data, giving users relevant context before starting a contract or vendor review. To do this:

1. Click on the phase you want to update to edit its email notifications.
2. From Notifications, click the  pencil icon to edit the relevant email template.
3. In Content, enter {{ market_iq_financial.summary }} where you want the Market IQ Score data to appear, then click Update.

FAQs

 

Additional Reading 📚

• Market IQ Financial - Learn about Market IQ Financial's actionable market intelligence feeds - including how to link vendors and understand key metrics.
• Market IQ Cyber - Learn about automated monitoring of your vendors' cybersecurity ratings.
• 🛠 Create your Own - Risk Monitoring Workflow - Learn how to configure our best practice template for the autonomous monitoring of your vendors' financial risk ratings.