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Workflow Engine New type of status – READ ONLY

April 25, 2024 The STATUS module in KYC Portal allows users to be able to create and design the workflow of their due diligence process. 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.