Introduction to Maxsight's terms

The assessment determines the workflow an entity follows for onboarding and monitoring. An entity can go through multiple assessments at the same time.

Your smart policy defines the assessment workflow. If you have a risk model assigned to the assessment, the risk level is calculated at the start of the assessment and whenever relevant data is added or changed.

If your smart policy is configured to fail entities based on their risk level automatically, the assessment fails if the risk level matches your specifications.

Any tasks required by your smart policy are added to the entity during the assessment process. Automated checks configured for these tasks are run, and their results are displayed.

Once all the tasks required have passed, your smart policy determines the status of the assessment. If automatic approvals are configured, the assessment is set to Passed automatically. If not, the assessment status is set to Ready for decision and you can pass or fail the assessment manually.

Assessments that have passed are monitored for changes to their risk level or required tasks. If changes are detected, the assessment is put into review.

Your tasks are the due diligence measures that must be taken to onboard an entity successfully through an assessment. Your smart policy determines which tasks are needed by an assessment. Tasks required by an assessment are added to the entity during the assessment process.

When configuring a smart policy, you can use any of the out-of-the-box tasks that Maxsight provides or create your own custom tasks. See the full list of out-of-the-box tasks for individual entities and company entities.

Tasks can be passed manually or with the assistance of automated checks. Multiple checks can be assigned to one task. Your smart policy can be configured to pass the task automatically as soon as one automated check is successful.

Your data providers are the services you use to run checks, for example, Moody's Orbis, Companies House, or Onfido.

When you run a check from Maxsight, the entity details are sent to the data provider, which performs the check and returns the result.

Each data provider has its own way of performing checks, which means the available configuration options depend on your chosen data provider.

A company's associates include their officers, trustees, and authorized persons, as well as entities with a more indirect relationship with the company, such as controlling shareholders, beneficial owners, or the global ultimate owner.

When onboarding a company, you can search for their associates through the Assess company ownership, Identify shareholders, Identify trustees, Identify officers, and Identify authorized persons tasks. Associates found through these tasks are selected for verification either manually or using automatic rules set up in your smart policy.

Once selected for verification, an entity is created for each associate, and they start the onboarding workflow defined by your smart policy.

Associate entities that have been onboarded are monitored for any changes that mean they no longer pass the assessment.

External information requests are used to ask external parties to complete one or more forms. These forms can be used to gather information or collect a document to run a check. 

External information requests are added to tasks. When a task is configured with an external information request, a button is displayed that enables users to send an email to an external party with a link to the request forms.

Your risk models are the rules used to evaluate the risk level of an entity's assessment.

Risk models are specific to the entity type, meaning that a risk model is applied to either individuals or companies.

Every risk model has its own risk factors, which you choose. These factors are evaluated against the entity. Examples of risk factors include the country of incorporation for a company or the nationality for an individual. See the full list of risk factors.

When you add a risk factor, you also control whether it's required, meaning it must be used to calculate a risk level, or optional, meaning the factor is only used in the risk level calculation if the relevant information is available.

You assign a risk score to each risk factor. This is a numerical value used to determine the significance of the risk. A higher risk score indicates that the risk factor is considered to be of greater risk.

When an entity starts a new assessment, the assessment's risk score is calculated using all required risk factors and any available optional risk factors.

Maxsight has a defined data structure that captures the majority of compliance use cases, but if there is additional data you'd like to capture for an entity, you can use custom fields.

You can configure custom fields for individual entities and/or company entities, and choose from a wide range of information types, such as text, number, currency, multiple-choice, and more.

Custom fields can be used in Smart policies and Risk models.

You can also map them to form questions, allowing you to send customer requests asking them to complete their own details.

Your smart policy determines the configuration of data providers, checks, tasks, and assessments for your organization, as well as the workflows that entities follow when being assessed.

Your assessment workflows can be configured to pass entities that have passed all onboarding tasks automatically. If you have assigned a risk model to an assessment, its workflow can also automatically fail assessments at or above a specified risk level.

Workflows are specific to the profile type, either individual or company, meaning that a workflow is applied to either individual entities or company entities.

If you'd like to make any changes to your smart policy, contact our Client Service team.

Your users are the people who have access to your Maxsight account. These are typically the people you work with.

Every user is assigned one or more user roles that determine which actions they can perform in Maxsight, for example, starting new assessments or managing other users.

Roles can be assigned at the assessment level, meaning that a user can be permitted to perform actions on specific assessments only.