Creating Secure Approval Workflows
Approval workflows are your most powerful tool for enforcing your institution’s internal policies and protecting its assets. This feature allows you to require one or more users with the Approver role (or above) to approve certain actions before they are executed by the platform.
Key Benefits of Approval Workflows
Section titled “Key Benefits of Approval Workflows”- Fraud Prevention: Prevents a single compromised account from being able to drain funds.
- Error Reduction: Acts as a “four-eyes” check to prevent costly fat-finger errors on large withdrawals.
- Policy Enforcement: Digitally enforces your company’s internal sign-off requirements for fund movements.
Who Can Approve?
Section titled “Who Can Approve?”Users with the Genesis, Admin, or Approver roles can act as approvers in workflows. The number of required approvals is configurable per workflow.
Standard Workflows
Section titled “Standard Workflows”Here are the standard workflows we have in place:
Add Members
Section titled “Add Members”Requires approval before a new user invitation is sent to join your entity.
Archive Members
Section titled “Archive Members”Requires approval before a team member is archived from the entity.
Edit Stakeholder Roles
Section titled “Edit Stakeholder Roles”Requires approval before a team member’s role assignment is changed.
Archive Entity
Section titled “Archive Entity”Requires approval before an entity is archived from the platform.
Change Number of Approvers
Section titled “Change Number of Approvers”Requires approval before the number of required approvers on workflows is modified.
Add Address/Bank Account to Address Book
Section titled “Add Address/Bank Account to Address Book”Requires approval before a new bank account or crypto wallet address is whitelisted.
Archive Address/Bank Account Details
Section titled “Archive Address/Bank Account Details”Requires approval before a whitelisted bank account or wallet address is archived.
Withdrawal of Funds
Section titled “Withdrawal of Funds”Requires approval before a withdrawal request is submitted for processing. This is particularly important for enforcing internal sign-off policies on fund movements.