The Compliance Workflow has been designed to help guide you through the compliance process as you complete your Opportunity. There's built-in prompts to assist with writing BID commentary to make sure you don't miss a step.
How do I opt in to use the Compliance Workflow?
The compliance workflow is enabled by default for all Credit Rep accounts. ACL holders can choose to opt in to use the compliance workflow by having someone with Partner Level access enable it by following these steps:
Navigate to Admin > Partnership Details > ACL Compliance
Enable the toggle for 'Enable the compliance workflows on your opportunities'
Using the Compliance Workflow
To get started using the compliance workflow:
Navigate to your Opportunity Record.
Click on the BID & NCCP tab from the left hand menu.
For opportunities with notes in the old Compliance Centre, you'll see both the old Compliance tab and the new BID & NCCP tab.
Overview Tab:
This tab provides a comprehensive view of completed tasks and outstanding requirements to ensure compliance.
It consists of three stages: Credit Guide, Preliminary Assessment, and CPD & Submission. Each stage includes specific tasks, or gates, which must be fulfilled for each opportunity, such as attaching a funding position and ensuring the accuracy of inputs.
Prompts:
Throughout the workflow, the system will prompt you to complete prerequisite tasks before moving forward. For instance, attempting to add a borrowing capacity calculator before sending the credit guide triggers a reminder to complete prior stages.
Best Interests Duty & NCCP Tab:
This tab is designated for writing your BID commentary and exit strategies. BID questions are categorised into "Requirements and Objectives" and "Reason for Final Choice of Lender." The next section includes conditional questions based on specific criteria, such as the number of lenders in a product comparison. The exit strategy section appears when necessary, such as when the applicant's age and loan term exceed retirement age.
Disclosure Documents:
This section allows you to provide commentary on the provision or signing of disclosure documents, based on how they were delivered to clients. Like other parts of the workflow, these fields are conditional, appearing only when relevant based on the document delivery method.