Energy Credit Best Practices – Chapter: Information Technology http://ccro.org © Copyright 2022, CCRO. All rights reserved. 23 KYC or “Know Your Customer” laws were introduced in 2001, but the general concept of understanding who you are in business with has been important since trade was invented. The best practice is doing everything possible to understand your trading partners before engaging in business and then regularly evaluating the partner's health and the relationship. • Requirements - Each organization has its unique way of doing business, its own internal processes and Systems, and its own organizational structure. This means that chief among all requirements is an ability for the onboarding tool to be flexible and configurable. Onboarding by nature is a multi-step workflow process requiring input from multiple departments and individuals. Along the way, this process will require the collection of disparate data elements (e.g., reference data, checklists, individual documents, approval stamps, etc.), commentary from the individuals involved, (potential) interaction with external data services, and more. • Information Workflow: The tool should allow the user to design their process flow, have a clear structure to move from one step to the next (or skip steps), allow for configurable rules to be designed and managed, have a facility to custom-design the layout of the screens for each step in the workflow, integrate with email for remote interaction, APIs to external data services, seamlessly interact with the rest of the system to populate drop-down lists, and more. See Figure 2 below for an illustration of a hypnotical On- Boarding workflow.