Maker/Checker workflow for corporates

Generally Maker/Checker workflow will work based on the Four eye principle concepts

What is a Four eye principle?

The Four Eyes Principle (also Two-man rule) is a widely used Internal Control mechanism that requires that certain activities in the system must be double checked by a second individual that is independent and competent.

The objective of the control is to mitigate risks primarily of the following two types:

1.Business Execution; adverse outcomes as the result of poor execution of regular business tasks (mistakes, oversights)
2.Internal Fraud; adverse outcomes as the result of fraudulent action of persons internal to the firm.

To understand the process of maker and checker workflow in RIVO.

Here are some business rules set

The one who makes the transaction entry (i.e. maker) cannot be the same one who checks it (i.e. checker).
A transaction entry is only considered completed if it has been reviewed for all tabs and confirmed by clicking the SIGN check box.
The checker can make modifications to the transaction entry as well as rejects to maker with reason for modifications that can be done by maker.
If a user with checker authority keys in the transaction, no second checker is needed. They can also Sign it and it can be sent to bank without a second checker.

For Maker

Maker creates and submits a transaction to the system on click “sign” and ''save''. The Status of the transaction will be Issuance-To sign.

2. Maker can be able to “view” and “Edit” before Checker take up the transactions for checking/Approval.

3. The Transaction details be autosaved, Since every tab has SAVE& CONTINUE to proceed to next tab.

4. Maker is able to edit (maker correction) the rejected transaction as well able to view the reason of rejection and (re)submits for checking/Approval.