Using Market IQ Financial in Workflows

Discover how leverage Market-IQ Financial in your Vendor Management processes

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   Estimated Read Time: 6 minutes

    Estimated Configuration Time: 15-20 Minutes


Sections in this Article


Viewing Market IQ Data in Workflow

Using Market IQ Data in Workflows

Configuring Market IQ Workflows


Additional Reading





πŸ“– This Knowledgebase Article introduces & covers how you can leverage the Market IQ Financial data provided by CreditSafe to improve the risk insights present in your Gatekeeper Vendor Repository


The article below walks through how to embed these insights in your Workflow Processes so they can aid the decisions you make and the oversight you maintain when dealing your vendors



πŸ”Ž Viewing Market IQ Data in Workflows πŸ”Ž


Kanban View

When browsing your kanban board, if the vendors in your workflow cards have been linked to MIQ Financial, Gatekeeper will display the Market IQ Grade

This can also be hovered over to give you the Risk level

Form View

If you have added the Market IQ | Financial metadata group to your workflow form, vendors which have been linked to Market IQ will show the form values

Email View

When editing email templates, you can enter a dynamic tag which instructs Gatekeeper to include the Vendor's Market IQ score in the notification emails sent to your users:




⚑️ Using Market IQ in Workflows ⚑️


Connecting your New Vendors to Market IQ

If you have a Vendor Onboarding workflow and also use CreditSafe to monitor your Vendors, you can embed the connection of CreditSafe to any new vendors in Gatekeeper into your workflow

This way, you can ensure that this data is available when it is most relevant (when performing initial Due Diligence checks) and that any new vendors coming into your system will be connected!



Conditional Reviews/Approvals

Once you have the ⬆️ Above Form Section ⬆️ added to your forms and populated, you can use this to automate reviews & approvals for high risk vendors

To do this, you can use Credit Rating as the condition for applying conditional reviews:


Demo Video Coming Soon...


Ongoing Risk Monitoring

Once you have set up Market IQ Financial and connected your vendors, the automatic & live metadata updates to your repository records  can be used to trigger review processes:


See our best practice template to learn about the workflow you can build to leverage this feature:

πŸ›  Create Your Own - MarketIQ Monitoring & Escalation Workflow




πŸ›  Configuring Market IQ Workflows πŸ› 


Adding Market IQ Data to your Workflow Form πŸ“‹

Part 1 - Adding the Form Section

Step 1) Go to the Start phase of your workflow and hit Edit this Phase

Step 2) Navigate to the Form tab

Step 3) At the bottom of the page hit ADD SECTION

Step 4) Choose a section name (such as "MIQ Financial Data" or "CreditSafe Data") then select:

Predefined: Vendor

Custom Data Group: Market IQ | Financial

Part 2 - Setting the Visibility Rules

By default, when you add a form section, it will be Read Only at every phase

We advise that you consider where this form will actually have real data populated. If it will be empty until a phase later in your workflow (where you have configured the below action), you should set it to hidden to avoid clutter & confusion

Step 1) Go to a phase where you wish to change the visibility and hit Edit this Phase

Step 2) Navigate to the Form tab

Step 3) For your Market IQ form section select πŸ”˜ Read Only or πŸ”˜ Hidden

πŸ’‘Pro Tip: You can also use πŸ”˜ Custom to assign conditional rules for when a section should be visible or to assign different access based on Workflow Group membership

The above gif shows how to set the section to be Read Only when there is a credit rating present

If you use this setting for every phase of your workflow, Gatekeeper will only display the form section for vendors once it has been populated!


Connecting Vendors to Market IQ Financial βš™οΈ

Step 1) Choose a phase where you wish to connect Vendors to CreditSafe & hit Edit This Phase

Step 2) Navigate to the Actions tab

Step 3) Enable β˜‘οΈ Update Supplier with Market IQ | Financial

Step 4) Check β˜‘οΈ Update Form on Action to ensure this newly sync'd data is added to your workflow cards (not just your repository records)


Conditional Market IQ Approvals βœ…

Step 1) Hit New Phase > Add to add a new phase & name it something like "Financial Risk Review β˜‘οΈ"

Step 2) Hit Reorder & Minimise to move this phase to where it should fit in the workflow

Step 3) Navigate to the phase before your approval phase and add a new Conditional transition using the Credit Rating as a condition

Step 4) Position this new conditional transition at the top of your list (so Gatekeeper checks it first)

In the below example, when a form is approved from the Onboarding Review phase, Gatekeeper will check the Credit Rating

If a vendor's Credit Rating is C, D or E, transitions will move the card to the Financial Risk Review β˜‘οΈ phase

If this Score is A or B the Financial Risk Review β˜‘οΈ phase will be bypassed

Step 5) Configure the rest of the new approval phase (Form Access, Approval, Notifications, Transitions, SLA, etc.)

See πŸ“– Adding Phases to a Workflow for more detail guidance on Phase configuration


Configuration Video Coming Soon...


See our πŸ“– Market IQ Cyber Article to see the other type of conditional approval

In the Cyber article, we do not visit/bypass a Financial approval phase using Conditional Transitions, we conditionally add a "Parallel Approver" to an existing approval phase


Automated Vendor Risk Monitoring  🦾


This section will only cover the way to initiate a Market IQ monitoring workflow. You will need to configure the review process itself separately.


Once you have configured your Financial Risk Monitoring workflow;

Step 1) From the Workflows menu, hit edit > Workflow Triggers

Step 2) Hit βž• ADD TRIGGER

Step 3) Populate a Trigger Name (e.g. "Credit Rating Drop") then hit βœ… Create

Step 4) Hit βž• ADD to select the below 2 Conditions:

Market IQ Financial | Credit Rating | Trending & Down

This will be true if Gatekeeper detects a decrease in a Vendor's Grade

Market IQ Financial | Credit Rating one of D, F

This will be true for a Vendor if their Grade matches any these selected rankings - you can of course choose your own ratings here

Step 5) Set your Trigger Status to Live when you want the workflow to start pulling on live vendors for reviews!

See the below Knowledgebase article for a guide on how to setup our Best Practice Template Workflow for this Use Case:

πŸ›  Create your own - Market IQ Monitoring Workflow

NB. This workflow template can  also be used for ongoing monitoring using our SecurityScore Integration with Market IQ Cyber


Adding Market IQ Scores to Notification Emails πŸ“©

Whether these scores will be used in your workflow processes or not, you can configure your email notifications to include the data so your users get to see them for relevant context before undertaking a contract/vendor review process

Step 1) Go to a workflow phase where you wish to update the email & hit Edit this Phase

Step 2) Navigate to the Notifications tab

Step 3) Hit to edit the Email Template

Step 4) In the email Content, enter {{ market_iq_financial.summary }} where you wish to include the Market IQ Score data

Step 5) Hit βœ… Update & βœ… Save



FAQ πŸ’¬


Q: Can users edit the Market IQ Scores?

A: No. Even Administrators cannot edit the values for the Market IQ data fields


Q: Can we connect as many vendors as we want to MIQ Financial via Workflows?

A: Yes, but each of these will still count towards your quota of CreditSafe tokens

It is recommended to remove the connection to Market-IQ Financial for vendors you no longer wish to monitor (or those you have ceased doing business with)



Additional Reading πŸ“š


Market IQ Financial

Learn the basics of this Risk Integration module


Market IQ Financial Credit Reports

Learn more about the specific data & documents which are provided in Gatekeeper from CreditSafe


Market IQ Cyber

Learn about our other automated Risk Monitoring module


πŸ›  Create your Own - Risk Monitoring Workflow

Learn how to configure our best practice template for the autonomous monitoring of your Vendors' Financial Risk Ratings