This module is built in a way that it allows clients and
configuration teams to design any type of workflow from onboarding all
throughout the ongoing lifecycle of a counterparty, in real time. This module
allows for any type of scenario across the compliance teams including the
ability to create four eye approval processes, automated escalation to teams,
review processes as well as embedding the actual customer outreach steps within
the same back-office workflow.
When STATUSES are created within KYCP the user decides the
name of the status, whether it is a KYCP status (internal to your team) or a
COT status (exposed to the customer or counterparty), the icon it should show,
which ROLE can act on this status based on the risk of the application, the
statuses which an application can go to next as well as the TYPE of status.
The TYPE of status defines what happens on an application.
Any STATUS that is of type ACTIVE means that the application is current and
open. An application in this status is any client or counterparty with whom a
relationship is ongoing and all the services of KYCP will process this
application on an ongoing basis. A STATUS can also be of TYPE closed. This is
usually assigned to statuses which would represent a termination of
relationship such as rejected, off boarded or similar. Any application in a
status of type CLOSED is locked. No data can be edited, and the application
cannot be changed by any user. The services of KYCP such as alerts, document
expiry, screening and risk scoring would also stop, leaving the case as it
stood when it was changed to a status of type closed. Another type of status is
ON HOLD. This is used for situations when the case of a client or counterparty
needs to be paused until further notice. Similar to the CLOSED type, ON HOLD
will pause all the services of KYCP on the application (screening, risk
scoring, notification alerts, etc) however it will still allow the user to edit
the data of the application. It also allows the user to move the application to
another status that is of a different type, resuming the process of the workflow
itself.
We have just released a new feature in KYCP which
adds a new type of status called READ ONLY. When an application reaches a
status that is of type READ ONLY, it would not allow any user to change, edit
or add any aspect of data within the application. The user would only be able
to see all the details and click on any of the tabs within the application. The
only features that a user would be able to conduct on an application that is in
a status of type READ ONLY would be:
- Click on the
available statuses within the application – moving the case to the next allowed
steps within the workflow
- Click on the risk
dial and print the real time CRA
- Export the
application to PDF
- Run screening
searches and set the decisions of Match and No Match on the returned results.
This feature is being introduced based on client requests in
order to be able to create steps within the workflow where the application
needs to be assigned to specific users for audit and validation purposes. In
such a case the user in question would be able to view all the necessary
information without being able to change any data.
This new type of status is visible in the Programmes section
for users to be able to configure it on KYCP statuses (not COT), in reporting
and the search console as a filter as well as in the workflow tree chart view.
For more information, contact us directly on
info@kycportal.com or schedule your live demo with us today. If you are an
existing client and you would like more information about this feature, please
contact our CRM Team.