The assessment lifecycle
The process of assessing an entity through a specified workflow is called onboarding. It begins as soon as an assessment is added to an entity.
During onboarding, a series of due diligence tasks are added to the assessment. Examples of tasks include verifying the entity's identity, verifying the entity's bank account, and assessing whether the entity has any sanctions.
The entity must pass all its tasks for the assessment to pass.
In Maxsight's risk module, you can configure the workflow to add tasks based on how much risk the entity's assessment poses to your company. Typically, a higher risk level means that the entity will need to pass more tasks to pass their assessment.
If the assessment is passed, it moves into the monitoring process.
During the monitoring process, the assessment is continually reviewed to ensure the entity still meets the requirements of the due diligence tasks.
If the entity no longer meets the requirements of a task, or if a new task is added to the assessment, the assessment goes into review.
Assessments that are in review must have their incomplete tasks passed before they can be passed again. If the assessment is passed again, it goes back into monitoring.
If an assessment is not passed
If the entity does not pass the onboarding tasks, their assessment fails.
If the assessment initially passes but goes into review and the entity doesn't pass the incomplete tasks, the assessment is canceled.
If the assessment is failed or canceled, this is the end of the lifecycle in most cases. However, it is possible to revert either decision manually. If a decision to fail an assessment is reversed, the assessment goes back to the onboarding process. If a decision to cancel an assessment is reversed, the assessment goes into review. Either way, the entity must pass any failed or incomplete tasks before its assessment can pass.