What happens to new product applications?

Add a new product application to a profile to start the application onboarding process..

This causes the appropriate tasks to be created. As the application progresses, you can update the tasks.

If the profile doesn’t meet the requirements of the tasks, the application can be rejected. If all tasks are passed successfully, the application can be approved.

One profile may be going through multiple applications at the same time.

When a new product application is added to a profile...

1. The application’s risk level is assessed

This is only applicable if you’ve purchased the optional Risk module. Otherwise, the application process starts with Tasks are created. Contact us to learn more about Risk.

The product’s risk model is applied to the application. If the product has one risk model for individuals and one risk model for companies, the one that matches the profile’s type is applied.

First, the application’s total risk score is calculated by checking the profile’s details against the risk factor rules in the product’s risk model. Learn more about this process.

If the profile data needed to match conditions of a required risk factor cannot be found (e.g. some of the profile’s details are blank), the status of the application becomes Requires risk score until a user provides the missing data. Once a user provides the missing data, the risk score is calculated and the application continues automatically.

Next, a risk level is assigned to the application based on the application’s total risk score (e.g. Low risk, High risk).

Once the risk level is applied, you can see it next to the application in the Risk score section of the profile.

Every product application has its own risk level. For example, a profile may have one application that’s Low risk and another that’s High risk, depending on the risk models used for the products.

2. Tasks are created

The product’s smart policy is applied to the application, creating tasks under the profile’s Due diligence tasks. If the product has one smart policy for individuals and another for companies, the one that matches the profile’s type is applied.

If you have Risk configured, the smart policy checks the application’s risk level before taking action. If the application has a risk level you’ve designated for automatic rejection, the application is rejected. Otherwise, the tasks specified for that risk level are created.

If you don’t have Risk configured, the smart policy assigns the same set of tasks for every application.

Smart policies for company profiles may have tasks with associate smart policies. Any associate smart policies are applied now. The tasks specified in the associate smart policies are created and added to the Due diligence tasks of the profiles of the relevant associates.

The profile’s Due diligence tasks are displayed on the left side of the profile page. If the profile has multiple product applications, click the due diligence tasks drop-down and select the product for the current application.

When you define smart policies, you can choose to have two smart policies apply the same task. If a pARerofile already has a task added as part of another product application, it is not added a second time.
You can also see an application’s tasks by hovering over the application’s status next to relevant profile on the Onboarding tab.

3. Any automatic checks are performed

The product’s smart policy creates any checks specified for the tasks. Buttons to run the checks are displayed on the tasks.

If any checks are configured to run automatically for new applications, those are run now and the results are displayed on the task.

If the product has associate smart policies that include checks configured to run for new applications, those are also run now and displayed on the tasks of the associates’ profiles.

Successful checks are marked Passed and unsuccessful checks are marked Failed. Learn what causes each check to pass.

Checks that could not be run because of an error with PassFort or a data provider are marked Error.

4. Tasks are passed/failed

The smart policy determines whether tasks are passed automatically or manually.

Passing tasks automatically

The smart policy can specify that tasks with checks performed automatically are passed automatically as soon as one check passes. Any tasks with this specification and a Passed check are now marked Task passed.

The indicator for passed tasks is a checkmark.

Tasks with an associate smart policy are only marked Task passed when the associates of the company are approved. Each associate smart policy determines whether a specified number of associates, a specified percentage of associates, or specified types of associate need to be approved for the task to be marked Task passed.
Passing tasks manually

All other tasks must be passed manually.

The indicator for tasks that are not yet passed or failed is an empty circle.

The actions you take to pass the task depends on the nature of the task as well as your company’s compliance policy. You might:

  • Review information obtained from checks.
  • Complete a task form.
  • Upload files (e.g. a PEP declaration form) to the Task notes.
  • Record conversations or actions that took place outside of PassFort by adding a note to the Task notes.

Once the task is passed, click Mark task as complete and select Passed. The task is displayed as Task passed and its indicator displays a checkmark.

Want to work faster? Select Passed + move to next task to mark the task as passed and jump to the next incomplete task. If all tasks are complete, the Applications section of the profile is displayed so you can approve the application.
Failing tasks manually

To fail a task, click Mark task as complete and select Failed. Optionally, explain why you're failing the task in the Task notes.

An application with one or more failed tasks cannot be approved.

To learn how to reject applications, see The application is approved/rejected.

If another user should take action on the tasks, you can assign the product application to them.
Tasks cannot be failed automatically.

5. The application is approved/rejected

Once all tasks are passed, the next action is determined by the smart policy.

Approving application automatically

If the smart policy is configured so applications are approved automatically once all tasks are passed, the application is given the Approved status.

If you have Risk configured, you can configure the smart policy so applications are rejected automatically for specified risk levels. To learn more, see Tasks are created.
Approving/rejecting applications manually

If automatic approvals are not configured, the onboarding status of the application is displayed as Ready for decision, indicating that a user will need to manually approve or reject it.

Profiles with at least one approved application are displayed on the Monitoring tab. Learn more about monitoring.

Profiles that only have rejected applications are not displayed by default on the Onboarding tab or the Monitoring tab. You can see them by applying the Rejected filter.


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