Incorporate approval groups in your request flows to enhance your KYC Collection scrutiny.
The example below shows a request for the Counterparty Big Corp, for which the responsible KYC Manager has reviewed a questionnaire.
Now, based on the role of Big Corp (see Connect approval groups with Counterparty roles), the respective Approval groups Legal Department, Treasury Department, and Group Department (see Create and manage approval groups), should make an internal approval. In order to start the approval process:
1. Go to the request and click on the Counterparty that you would like to request the approval
2. Click on Request approval
Request approval
3. Each member of the required approval groups will receive an email notification once the approval is requested.
Example of email notification of a person who is a member of multiple approval groups
4. The different approval groups need to set an approval state for the counterparty before a conclusion is possible. Note that only one member of an approval group needs to approve the counterparty on behalf of the entire group.
Approvers can approve the counterparty on behalf of their group
5. If a user is in the required approval group, they can approve on behalf of their group.
Approver can Approve, Approve with mitigation, or Reject
6. Once each approval group has given its approval, the KYC Manager can decide how to conclude on the Counterparty based on the internal approval received.
Conclude the Counterparty in the request after approvals have been received