Maker checker principle for loan approval
Maker Checker principle refer to hierarchy approval system where every transaction has to have at least two parties or at least 4 eyes.
One party initiate the transaction
Second party approves the transactions.
The Maker – Checker Principle can have more than two parties depending on the requirements of the particular transaction.
Maker-Checker Principle allow committee approval where a transaction can follow a workflow structure and be approved by multiple people
Maker – Checker Principle enhance internal transactional security.
On Jisort the following process can be subjected to Maker-Checker principle
- Loan Approval
- Loan Processing
- Loan Disbursement
Any transaction that is considered critical can be subjected to Maker-Checker Principle to ensure it goes through a certain workflow.
How do I enable Maker-Checker Principle on Jisort.
Go to Admin
Click on Settings
Enable Maker Checker