Creation of due diligence profiles and profile suites

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Creation of due diligence profiles and profile suites

Description Creating due diligence profiles and profile suites
Version as of 8.5
Application Client Lifecycle Management
Capability/Industry Area Financial Services



Creation of due diligence profiles and profile suites[edit]

This article covers the creation and usage of KYC profiles and profile suites in the application using the underlying KYC engine. It details the background of this key functionality in the overall CLM customer journeys

Use case examples[edit]

The KYC due diligence applied to a customer is based on the customer risk factor and any other factors that organizations find relevant. For example, an organization may conduct due diligence under three different profiles or categories: simplified, standard, and enhanced.

This categorization can be used to dynamically shape the different KYC questionnaires shown to the user, making sure that only the relevant questions are displayed according to the profile of the customer. Simplified due diligence, for example, is a leaner version of the standard and skips many of the questions from its standard sibling.

The KYC engine used by CLM provides the ability to create different profiles based on business needs. These profiles determine which questions are used, based on when those profiles are active. These profiles can be viewed as simple flags that can be turned on or off, based on configurable decision rules that determine the visibility of questions. The module that enables this functionality is called KYC Due Diligence Profiles.

Defining profile suites[edit]

Users can define a set of business-related profiles under a custom KYC Profile Suite rule. The rule contains a list of profiles and the conditions and business rules that make those profiles active or inactive.

Users can create a suite with three main profiles (simplified, standard and enhanced), and define the rules for each of them to be active or inactive (for example, an enhanced profile is for high risk customers, while a standard profile for medium risk customers, and a simplified profile is for low risk customers).

To create a new KYC Profile Suite, complete the following steps:

  1. Click Create -> Technical -> KYC Profiles Suite to create a due diligence profile suite.
  2. In the Label field, type a short description of the profile suite.
  3. In the Context section, select a context, for example, Pega Client Lifecycle Management for Financial Services Engine.
  4. From the Add to ruleset list, select the specialized application’s associated ruleset.
  5. Click Create and open.
  6. Click Add Profile.
  7. Enter the Profile ID and Description, and select the Active based on logic.
  8. Save and check in the profile suite.

Once a KYC Profile Suite is created, it can be referenced from all the KYC Types under the same class hierarchy. The profiles are all recorded under a Profile Suite named Default, and placed under PegaKYC-Data-Type-Policies-Global. Users can choose to either use this suite, modify it, or create a new one.

Defining local profiles[edit]

Profiles that are not used widely across the application can be defined directly as local profiles under the specific KYC Type where they will be used. Open the impacted KYC Types and manually add the required

profile or profiles. The suites associated with that KYC Type and the local profiles, together define the profiles that the KYC Type manages.

  1. Log in to the KYC Rule Manager Studio.
  2. Select and open a rule from the KYC Types list.
  3. Click the Type Definition tab.
  4. Click Add local profile.
  5. Enter the Profile ID and Description and select the Active based on logic.
  6. Click Submit.

Using profiles from KYC Types[edit]

Each KYC Type has a list of applicable profiles, either because the Type was configured to use certain policy suites, either because profiles were defined locally in the KYC Type, or because of both. Users can then associate each item or item group to one or many profiles, using either the inclusion or exclusion association type. The inclusion association type renders the associated items and item groups when the profile is active and, conversely, the exclusion association type hides them if the profile is active.

Related information[edit]

In order to know more about this topic and other related configuration please visit here