Approval Process

This article serves as a quick guide to set up and manage the Approval Process feature in Contour.

Overview

The Approval Process feature enables corporates and banks to design and implement custom approval workflows tailored to their requirements within the Letter of Credit (LC) digitization process. These workflows can be configured based on the value of the LC, the currency involved, and internal compliance policies, ensuring greater flexibility and control.

Identity Admins - Approval Process Set-up

Navigation

Only Identity Admins can set up Approval Processes, ensuring secure and controlled management. Approval Process setup involves a 4-eye check for validation.

Assigned Ranges

• Displays a list of ranges that have approval processes assigned to them.

Unassigned Ranges

• Displays ranges of amounts that do not have an assigned approval process.

Notes:

• Approval Processes can be set up for specific ranges.

• Overlapping ranges are not allowed in the Approval Matrix.

Creating an Approval Process

1. Navigate to the “Approval Process” section.

2. Select either Import DC or Export DC based on your needs.

3. Click on “Add Approval Process” to create a new process.

4. Enter the required details:

   • Approval Process Name: Provide a descriptive name.

   • Amount Range: Specify the amount range for which the process applies.

   • Currency: Select the currency from the dropdown menu.

Notes:

• Different currencies require distinct Approval Processes.

• Use the currency dropdown to filter and manage Approval Processes by currency.

Configuring Approval Steps

Step 1: The Creator Step

• The Creator Step involves the maker who can:

  • Create a DC Application.

  • Edit a DC Application.

  • Create a Presentation, etc.

• The Maker is considered the Creator.

Subsequent Steps

• Additional steps can be configured as required.

• Define the minimum number of approvals needed for each step.

• Tailor workflows to match internal corporate policies and compliance requirements.

Once the Approval Process is created, it can be sent to other Identity Admins for final approval.

Managing Approval Processes

View and Edit Approval Processes

Identity Admins can:

• View all existing Approval Processes.

• Edit details such as ranges, currency, or approval steps as required.

Assigning Ranges

Ranges can be assigned to specific Approval Processes directly from the Assigned Ranges section.

Monitoring Compliance

Identity Admins can monitor the execution of Approval Processes to ensure they align with internal policies.

FAQs

Can overlapping ranges be created in the Approval Matrix?

No, overlapping ranges are not allowed to ensure accuracy and avoid conflicts.

Are Approval Processes currency-specific?

Yes, each currency requires its own Approval Process configuration.

Who can approve and finalize an Approval Process?

Only Identity Admins with appropriate permissions can approve and finalize an Approval Process.

For further assistance, refer to the Contour Support Guide or contact your IT team.