This new feature in KYCP allows you to determine a “deadline” for an application to go from one status to another. In this way, when the application reaches a particular status, the users have X number of days to complete the application and reach another status. If the days elapse, the application will become “frozen”, and the users won’t be able to action anything anymore. The only remaining option available will be to request an extension for X number of days to be able to continue the process.
Per programme, “deadlines” can be configured so the user can select a status that starts this process, the number of days to complete it, and the final statuses when the deadline is complete. Apart from these settings, “rules” can be set to identify who can approve the extensions based on the current application risk and the number of extensions previously given. These will be linked to roles. Any user with that role can approve or decline the extension.
Extensions can be created at any point in the application's lifetime after the deadline has started. The extension button is locked behind a right to create extensions. In an extension, the user must enter a mandatory comment and the number of days for the extension that does not exceed the number of days set in the programme configuration.
Without structure and standards to guide expected behaviour and best practices, a company's procedures can soon become haphazard, chaotic, and change at the whim of whoever is doing the work at the time. Every organisation has unique compliance and task management requirements based on the nature of its business. So, take your compliance monitoring up a notch with KYC Portal’s latest DEADLINE feature to ensure you stay on track when it comes to applications moving from one status to another.