Introduction to Maxsight's terms

The products or services that profiles can apply for, such as a current account or credit card.

Every product has at least one smart policy that defines the due diligence measures required to onboard profiles. If both individuals and companies can apply for the product, it has one smart policy for individual profiles and one smart policy for company profiles.

A product can also have at least one assigned risk model. The risk model assigns risk levels to profiles' product applications. If both individuals and companies can apply for the product, it has one risk model for individual profiles and one risk model for company profiles.

The product application determines the workflow a profile follows for onboarding and monitoring. A profile can go through multiple product applications at the same time.

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

If your smart policy is configured to reject profiles based on their risk level automatically, the application is rejected if the risk level matches your specifications.

Any tasks required by your smart policy are added to the profile during the application 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 product application. If automatic approvals are configured, the product application is set to Approved automatically. If not, the product application status is set to Ready for decision and you can approve or reject the application manually.

Approved product applications are monitored for changes to their risk level or required tasks. If changes are detected, the application is put into review.

Your tasks are the due diligence measures that must be taken to onboard a profile successfully to a product. Your smart policy determines which tasks are needed by a product application. Tasks required by a product application are added to the profile during the application 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 profiles and company profiles.

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 profile 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, a profile is created for each associate, and they start the onboarding workflow defined by your smart policy.

Associate profiles that have been onboarded are monitored for any changes that mean they are no longer approved for the product application.

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

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

Your risk models are the rules used to evaluate the risk level of a profile's product application.

Risk models are specific to the profile type, meaning that a risk model is applied to either individual profiles or company profiles.

Every risk model has its own risk factors, which you choose. These factors are evaluated against the profile. Examples of risk factors include country of incorporation for a company profile or nationality for an individual profile. 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 a profile makes a new product application, the application'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 a profile, you can use custom fields.

You can configure custom fields for individual profiles and/or company profiles, 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 policies define the rules that determine which due diligence tasks are required for a profile during a product application, for example, assess a company's ownership.

Smart policies can be configured to approve profiles that have passed all onboarding tasks automatically. If you have assigned a risk model to a product, smart policies can also automatically reject applications at or above a specified risk level.

Smart policies are specific to the profile type, either individual or company, meaning that a smart policy is applied to either individual profiles or company profiles.

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, adding new product applications or managing other users.

Roles can be assigned at the product level, meaning that a user can be given permission to perform actions on specific products only.