Setting up authorisations
Risk Warning
This content is for users of the Wrap Investment Hub and must not be relied on by anyone else. The value of investments can go down as well as up and may be worth less than originally invested.
You can choose to put an ‘authorisation’ step in place across 5 processes:
- Creating a model portfolio
- Editing a model portfolio
- Manual rebalancing*
- Asset Switch
- Bulk Model Composition Amendment
*Automated rebalancing i.e. by tolerance, by frequency, by frequency and tolerance do not require authorisation.
When activated, the authorisation step will prevent any of the above tasks being fully completed before first being approved by a Transact User**. The Transact User approving the task must be a different user from the user that started the task.
**Only Transact Users can approve a task that has been submitted for authorisation.
‘Switching on’ authorisations
To set up an authorisation step, go to the ‘Admin’ main menu and select ‘Firm’ and then click on ‘Edit Firm’. This will open up the Edit Firm wizard.
On ‘Step 1 – Firm Details’ you can select the ‘authorisation required’ field for the type of wizard(s) that you would like to switch on for authorisations.
‘Approving’ authorisations
Approvals can only be completed by a Transact User. The user should begin by selecting the ‘Authorisation’ tab on the model portfolio main menu.
Each authorisation tab will contain a list of all wizards awaiting approval. Each wizard will be listed with the following details; request number, description, model portfolio name, date and time submitted, and the creator user name.
There will also be two tick box fields for a Transact User to complete:
Authorise: a Transact User can select the ‘authorise’ tick box then click the Save button. This will approve the changes. You can validate that the authorisation has been successfully submitted by checking the task has moved from ‘work in-progress’ tab to ‘work submitted’ tab under the model portfolio main menu.
Reject: a Transact User can select the ‘reject’ tick box then click the Save button. Taking this action will not approve the changes. You can validate that the authorisation has been successfully rejected by checking the task has remained in ‘work in-progress’ tab under the model portfolio main menu. The wizard can then be edited and re-submitted for authorisation or can be deleted if the changes are no longer required.