Getting Started with Formalize IQ
Formalize IQ is an AI-powered assistant built directly into the Formalize platform to automate routine Governance, Risk, and Compliance (GRC) tasks. IQ helps you minimise manual and repetitive input and can help identify gaps and errors, as well as give recommendations.
IQ can access the data in your account, as well as the external data on the internet. With IQ, you can centralise both your external and internal research in one tab only.
Where to find Formalize IQ
You can find Formalize IQ in two places on your account:
Main Navigation: Click Dashboard in the primary left-hand navigation sidebar.
Side Panel: Click the Formalize IQ icon in the persistent right-hand toolbar to open the assistant without navigating away from your active page.
How IQ works
Human approval required
Formalize IQ operates on a human-in-the-loop model:
No automatic data changes: Formalize IQ can suggest updates, draft text, and identify missing evidence, but it cannot make permanent modifications to your account without explicit approval.
Confirmation prompt: Before applying any update, Formalize IQ presents an action preview requiring you to click Approve.
Prompting and File Uploads
Enter instructions in the bottom search box or select one of the suggested prompts to start an action.
Click the Attach File (paperclip) icon in the chat input to upload external files (such as audit spreadsheets, policy PDFs, or vendor contracts) for Formalize IQ to analyze.
Resolution Credits
Formalize IQ usage is metered by resolutions:
What counts as a resolution: One resolution credit is consumed each time you click Approve on an action suggested by Formalize IQ.
What is free to use: Generating answers, asking research questions, and browsing recommendations do not consume resolution credits.
To check your organization's resolution allowance or upgrade your subscription, contact your Customer Success Manager (CSM).
User Permission Boundaries
Formalize IQ adheres strictly to your user profile's access permissions:
Formalize IQ can only view, query, and modify records you are authorized to access.
If your role does not have permission to manage or view policies, Formalize IQ cannot read or draft policies on your behalf.
Context Page reading
When opened via the right-hand panel, Formalize IQ reads the active page on your screen (such as a specific vendor profile, policy document, or risk register). It automatically uses that active record as context for your prompts without requiring you to copy and paste data.
Core Capabilities
IQ can do a wide range of actions on your account. From adding or updating a new supplier, to listing overdue tasks. Here are a few examples of how you can use IQ:
Import data
Turn a spreadsheet of data into structured compliance data (suppliers, contracts & systems)
Identify compliance issues
Identify unaddressed risks and generate remediation tasks with designated owners before an audit occurs.
Evidence checklist
Recommend the exact documentation and evidence to produce for any requirement (depending on your blueprint). This checklist can help you be audit-ready.
Risk Mitigation & Control Mapping
Analyze specific risks (e.g., DORA ICT risks) and instantly receive AI recommendations for applicable regulatory controls to effectively mitigate those risks.
Automated Vendor Security Questionnaire Response
Autofill a security questionnaire meant to be sent to your suppliers. IQ will pull data from your policies, platform data (suppliers information for example) and historic audit evidence.
Policy documentation and generation.
Autofill policy templates with your real-time data from your platform. The result is a tailored ready-to-publish policy
Cross-Framework Mapping & Control Overlap
Map overlapping controls. If you have several blueprints (ISO and Dora for example), you might have controls that are relevant for both blueprints. Instead of having the same control documented twice for each blueprint, IQ can mark this control as overlapping. Which will results in having less duplicate work and cleaner audits.
Track developments and roadmap
To see newly released features, tools currently in development, and future plans:
Navigate to the left-hand menu.
Click the Roadmap icon (or Product Updates).
View the live release notes and upcoming feature timelines.
Common questions:
Can Formalize IQ see sensitive data that I do not have access to?
IQ can only see the data you have access to. So if you do not have access to policies, IQ will not be able to create a new policy for you.
Can I undo an action once approved?
No you can't use IQ to undo an action once you have approved it. But you can ask IQ to help you fix it. For example, you can ask IQ to create a new supplier and approve it. If you then realise that this was mistake, you can ask IQ to archive the supplier.
Can other users see my chats with IQ? No. Chat sessions are private to your user account. Other team members and administrators cannot see your prompts or conversational history with Formalize IQ.
I approved an action by mistake, can I reverse it? Yes you can ask IQ to correct the mistake. For example if you approved IQ to add a system and then realised it was a mistake, you can ask IQ to archive this system.