What happens to new product applications?
- When a new product application is added to a profile...
- 1. The application’s risk level is assessed
- 2. Tasks are created
- 3. Any automatic checks are performed
- 4. Tasks are passed/failed
- 5. The application is approved/rejected
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
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.
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.
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.
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.
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.
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.
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.
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.