Business Rules

Important: This feature is available to Level 1 users only.

A Business Rule is defined by a specific condition, as well as a set of actions, that occur once the condition is met. In RiskRate, business rules functionality allows users to configure their own business rules in order to automate various steps in their Third Party Approval Process – moving their third parties from on-boarding to either approval or termination. Once business rules are created and activated, RiskRate will execute them whenever the defined conditions are met.

Business rules consist of the following Conditions and Actions:

Conditions	New Third Party – A new third party is created in RiskRate Initial Profile Risk – An initial Profile Risk score is calculated for a third party Unreviewed Screening Report – Unreviewed Screening Reports are created in RiskRate Report Score – A specific report type is finalized with a specific score
Actions	Add Task Assignment – A defined task assignment is created Modify Approval Status – The third party’s Approval Status is updated to a specific value Request Screening – A specific report or questionnaire is requested

Note the following regarding business rules:

Any number of business rules may be created.
Once a business rule is activated, it will be executed whenever the condition is met.
Whenever a business rule is executed, a system generated note will be added to the third party’s profile to describe what happened.
If a business rule is configured to assign a task to the third party’s Approver and the third party does not have an assigned Approver, the task will be assigned to the third party’s Owner instead.
If your organization has defined a business rule that automatically requests a screening for a new third party, check the profile before a manual request in order to avoid duplicate screenings.
If a third party or business sponsor interview questionnaire can be triggered as part of a business rule, please ensure contact information is added to the third party profile.

Create a Business Rule

To create a Business Rule:

From the Admin menu, click Business Rules. The Business Rules page displays, showing any business rules that have been created.
Click + Create New Business Rule.
On the Step 1: SELECT AND DEFINE CONDITION screen:
1. Select the condition ( “New Third Party”, “Initial Profile Risk”, "Unreviewed Screening Report", or “Report Score”).
2. Define the details of the selected condition:
  1. If “Report Score” is selected:
    1. Select a Third Party Type.
    2. Select a Report Definition.
    3. Select a Report Score.
    4. Select a Profile Risk.
    5. Select Categories.
  2. If “New Third Party” is selected:
    1. Select a Third Party Type.
    2. Select Categories.
  3. If “Initial Profile Risk Score” is selected:
    1. Select a Third Party Type.
    2. Select a Profile Risk.
    3. Select Categories.
  4. If “Unreviewed Screening Report” is selected:
    1. Select a Third Party Type.
    2. Select a Report Definition.
    3. Select a Report Score.
    4. Select a Profile Risk.
    5. Select if you wish to apply this business rule to specific categories. If Yes, select one or more categories.
3. Click Next.
On the Step 2 - SELECT ACTION(S) screen:
1. Select the Click here to add an action link.
2. Select an Action (“Add Task Assignment”, “Modify Approval Status”, or “Request Screening”).
3. Based on the selected Action, provide the additional information by selecting a Task Template, Approval Status, or Report.
4. Click Add.
5. If desired, add another action by repeating steps a – d.
6. Once all the desired actions are added, click Next. An Action Confirmation window displays to show the action(s) that will be executed.
7. Click Continue.
On the Step 3 - CONFIRM BUSINESS RULE screen:
1. Review the details of the business rule.
2. If desired, click the slider to Active in order to activate the rule. (It defaults to Inactive.)
3. Click Save Business Rule.

Modify a Business Rule

To modify a business rule:

From the Admin menu, click Business Rules.
Click the business rule for modification. A Business Rules Details pop-up window displays.
To modify the Condition:
1. Click the edit icon ( ). The screen redirects to “Step 1: SELECT AND DEFINE CONDITION” of the wizard.
2. Modify the details of the condition, as desired.
3. Click Save.
To modify the Action(s):
1. Click the edit icon ( ). The screen redirects to “Step 2: SELECT ACTION(S)” of the wizard.
2. Remove any of the existing Actions by clicking the corresponding remove icon ().
3. Add another Action(s) by doing the following:
  1. Select the Click here to add an action link.
  2. Select an Action (“Add Task Assignment”, “Modify Approval Status”, or “Request Screening”).
  3. Based on the selected Action, provide the additional information by selecting a Task Assignment, Approval Status, or Report.
  4. Click Add.
  5. If desired, add another action by repeating steps i – iv.
Click Save.

Make an Existing Business Rule Active or Inactive

To make an existing business rule Active/Inactive:

From the Admin menu, click Business Rules. By default, the Business Rules page displays all the ones that are Active.
To make an Active business rule “Inactive”:
1. Click the rule. A Business Rules Details pop-up window displays.
2. Click the slider to Inactive.
To make an Inactive business rule “Active”:
1. Click Show Inactive Business Rules.
2. Click the rule. A Business Rules Details pop-up window displays.
3. Click the slider to Active.

Delete a Business Rule

To delete a business rule:

From the Admin menu, click Business Rules.
Click the business rule for deletion. A Business Rules Details pop-up window displays.
Click Delete.
The business rule is removed.

Search Business Rules

For organizations with numerous business rules, they can be narrowed down by searching for a specific condition and/or action. Search criteria entered is not case-sensitive. The search results number displays at the bottom right of the screen.

Search by Condition

Using the Search by condition text box on the left, begin typing the condition criteria. For example, enter specific criteria based on Third Party Type, Profile Risk Score, Category, Reputation Alert, Preliminary Risk Assessment, and so forth. After entering text, the business rules list automatically filters by the search criteria. Below the business rules are filtered by Third Party Type of Organization:

Search by Action

Using the Search by action text box on the right, begin typing the action criteria. For example, enter specific criteria based on Modify Approval Status, Request Screening, Add Task Assignment, and so forth. After entering text, the business rules list automatically filters by the search criteria. Below the business rules are filtered by Modify Approval Status of In Process:

Search by both Condition and Action

Below is an example of a filtered business rules list using both a condition and action: