As an administrator using Rivo, you can define the signature matrix within your organization's hierarchy for transaction approval. This article serves as a comprehensive guide to configuring approval levels and setting up rules to optimize your organization's signing procedures.
Creating a New Rule:
- Setting up a new rule in Rivo is simple, To create an Approval level-specific rule, go to "Administrator > Rules" and click "Add New."
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Name Your Rule: Give your rule a descriptive name that indicates its purpose. For example, "Transaction Approval Matrix" or "Amount-based Sign-off Rules".
- Choose Rule Type: "Approval Levels" is the rule type that is chosen by default. As a result, you may provide a hierarchy of approval levels for various transaction types.
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Add Description: Provide a brief description of the rule to help administrators understand its purpose and usage within the organization.
Setting Approval Criteria:
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Transaction Name: Specify the transaction type where these rules will apply. Options include: Outgoing Guarantee Issuance
Outgoing Guarantee Amendment
Outgoing Guarantee Reduction
Import LC Issuance
Import LC Amendment
Outgoing Standby LC Issuance
Outgoing Standby LC Amendment
(More transaction types will be enabled in subsequent phases.)
- Defining Signatory Requirements ( based on your organization's policy )
Start by establishing rules based on different deal amounts:
- Lowest Amount: Begin with the lowest possible amount threshold.
- Creating Rules: Create rules to address probable scenarios as deal amounts increase.
Example Scenario
Let's illustrate this with an example:
Deals up to €1M:
One user with Signature Level B is needed for RIVO.
In addition, Signature A is needed.
Deals above €1M:
RIVO requires 2 users with Signature Level B.
Moreover, 2 users with Signature Level A are required.
Note:
- The order of signatures (e.g., A before B or vice versa) is not enforced, providing flexibility in the approval process.
- Additionally, there is an option to impose a rule for the sequence of signatures (for example, first A, then B, then C) by enabling enforced order.
- If you set up the signing rules, you can add up to five signatories; however, one is mandatory and the other four are optional.
- By default, the currency will be the base currency of the organization, and users are not allowed to change it.
- You are unable to modify the sequence if it is already in use within the deal.
- Users can set up Multiple signature rules for the same amount, if multiple rules are added, the "Enforce order" options of those conditions are checked by default and cannot be unchecked.
Scenario: Multiple sign rules for the same deal value
- Assume that the organization administrator created multiple rules for the same deal value. Deal value: £10,000. First Rule: A -> B -> C, Second Rule: E -> D -> B
- The processor initiates the transaction, fills out the required information, signs it, and sends it to the approver for further signatures. As a processor, you can see that the next signature required for this deal is A or E, as per the sign rule.
- The next signee would be A or E right now, and in this case, A signed in. The signee user can see the signature process, what the signature requires, and who has previously signed.
- So A signs the deal, then the deal requires B and C to finish the signing process, or E can sign the deal and start the new signing.
- So now the B user can sign the deal and give it to the C user and finish the signing procedure (or) the E user can sign the transaction and send it to the required signees, who are D and B according to the signing rule.
- If any signers try to edit the transaction, the previous signature will be lost, and you will have to redo the signing procedure from the beginning.
Setting Up Signature Levels for Admins and Approvers:
To ensure efficient and structured approval processes within RIVO, it's essential to assign appropriate Signature Levels to Admins and Approvers. You can assign signatures when creating users within the organization structure (How to add the Users to your organization).
As a user, you may view what sign level has been assigned to you in the My Profile section of Rivo.
Example Recommendation:
Trade Finance Team (Signature Level A):
Assign to administrators and Approvers responsible for trade finance transactions. Represents the highest level of approval authority.
Business Unit Teams (Signature Level B):
Designate for administrators and Approvers in other business units requiring approval privileges.
Additional Features in My Rules Transaction:
- Enable, or Disable Rules: If you like to edit any rules, you can do that by clicking the context menu, They can be easily turned on or off based on your organization's needs, and they can be deleted if they are not required.
- Active Status: Rules are only active and operational when enabled, ensuring precision and control over the approval flow.
- Adaptable Currency Handling: RIVO automatically adjusts calculations if the base currency changes.
- Role Restrictions: Assigning the sign level will only be allowed for the approver's / Org Admin roles (not for the processors).
- Automatic Inclusion: If an approver enters data for a transaction covered by a rule in which they are involved, their signature is automatically included in the required sequence.
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Email Notification: Notification emails will be sent to those users with the signature level to sign the deal. (For instance, if the deal requires sequential approval from three signers: first, an approver with sign level A will receive an email notification to sign the deal. After the A-level approver signs, the B-level approver will be notified, followed by the C-level approver after the B-level approver signs.)
- Deal History: You can see who signed the transaction with a time stamp in the history of that specific deal.
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