New editable compliance items are now available to be added to all contacts and entities in WealthWorks+. These replace Troika compliance items which are no longer displayed in WealthWorks+ nor in any dashboards.
The new system is more flexible and allows items to be disabled on a contact to prevent inaccurate compliance failures being reported.
New compliance item dashboards to display in advance items which are due to expire and need verification will be available shortly. New completed dashboards to display which entities have failed compliance because their items or their associated contact items have failed, will also be available in future releases.
Older compliance item dashboards for Troika legacy compliance items have now been removed.
This video tutorial will show you how to set up compliance lists within WealthWorks+ to get you started.
For a further tutorial on managing entity compliance within WealthWorks+, please see here.
Tutorial Transcript
Compliance lists are managed in System Administration. Go to Options, System Administration and then Compliance Administration.
(00:20) To see the compliance items in the list, click on the list name and the list of items will display on the right. The system already has pre-built compliance lists for each entity type which includes items such as Annual Returns, List of Signatories and Passports.
(00:36) Each entity type must have a default compliance list and this is indicated by a solid blue star. The default list is automatically added to an entity when a new entry is created. To change the default, highlight the relevant list and click the Star icon. You can add multiple compliance lists to an entity or contact meaning you can have one basic list as the default which can contain the most common compliance items for that entity type and can be used as a simple document checklist as part of onboarding. Then further lists can be added to meet jurisdictional or specific requirements, such as risk levels.
(01:16) To add a new compliance list, click on the Add Item button in the compliance list portlet, choose the relevant Entity Type from the drop-down list and give the new list a name. It may be helpful to be as descriptive as possible in the name so the purpose of the list can be easily identified by users, such as including the jurisdiction or risk level it relates to, and then click Save.
(01:40) To edit a compliance list, highlight the relevant list then click on the Edit icon. Make the appropriate changes and click Save.
(01:49) To delete a compliance list, highlight the relevant list then click on the Delete icon. However, you cannot delete the default list as each entity type must have a default list.
(01:59) To add compliance items to a list, highlight the relevant list and click Add item. You can add compliance items which are already in the system or create new items by selecting Add New from the Existing Compliance Item drop-down list. Add a description, which explains the purpose of the compliance requirement. If you want to tick the expiry date option, the system generated interval date can be overridden by an earlier expiry date. This option is useful for items that relate to documents that have an expiration date such as insurance policies or passports. Add an interval, which determines how often the compliance item needs to be verified. The 'Regular verification not required' option is for items that only need to be checked once and when certain events are triggered. This option still keeps track of verification updates and expiry dates. When you have completed the details for the new item, click Save.
(02:49) To edit a compliance item, find the relevant item and click on the Actions button and then Edit. Make the appropriate changes and click Save.
(02:58) To delete a compliance item, find the relevant item and click on the Actions button and then Delete. This will remove the item from the list but will not delete the item from the system.
(03:08) Once created the compliance lists and items can be managed within the entity. Refer to the video on Managing Entity Compliance Items for more information.
This tutorial is confirmed to be applicable from WealthWorks+ release 4.5.