Application Statuses and Team Allocations

March 14, 2019

One of the most challenging aspects in adopting (or changing) systems within internal KYC processes is when such systems imply change in internal processes. Organisations would have to change their internal flow of work in order to adapt to the limitations of the system being imposed on them. KYC Portal has been designed by such teams to allow the organisation to tweak the solution rather than their processes.

It’s all about flexibility. KYC Portal services different teams within different industries within various jurisdictions, so the key to success was that of developing a solution that allows the compliance team to be able to define and change all that is required to make KYC Portal fit their needs.

The module of STATUSES allows the compliance team to set all their required statuses for applications. Some clients call an incoming application as OPEN, others PENDING or INCOMING. KYCP allows the team to define the wording (and associated icon) of each status that is expected. This module is flexible enough to create as many statuses as you need. Also for each status, KYCP allows the team to define which statuses can only happen after a particular status. This is a very important feature to allow the organisation to define the path through which the application can move based on previous state and also eliminating the possibility of human error within the process.

Another very important feature within this module is the ability to associate statuses with specific roles within the company. Which teams/users with which roles can click/view what status. This goes a step further by linking such rules to the risk of the application. For example, the junior agents can only APPROVE applications that are LOW risk. Anything higher would only show the same team the RECOMMEND FOR APPROVAL status rather than approval. This would then be moved to the more senior member of staff who would need to approve again as they would be given the right to do so (four-eye approval).
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Targeted For Operational managers and head of compliance units
Status LIVE
Keywords compliance, workflows, case management
Direct Benefits Ability to streamline the entire process of an application throughout its life-time increasing efficiencies and reducing human error.