RegTech firm Clausematch has gone live with Australian loan aggregator Loan Markets Group to aid the latter with compliance digitisation.
LMG’s decision to adopt Clausematch’s policy management and regulatory change management modules is to lessen the manual burden and prevent future risk. Clausematch claims.
With the number of policy documents for LMG now nearing 300, digitising compliance processes is important. Clausematch said its Policy Portal will be available to 6,000 brokers, ensuring all of the policies are up-to-date and communicated across the broker network in a timely manner.
Clausematch head of sales Freddie Frith said, “We’re delighted to partner with one of the industry leaders in the market in this pivotal period of expansion for them. As the company is growing across different geographies, our goal with LMG was to provide a holistic consolidated view of regulation, obligations, policies and procedures in a centralised location to ensure full compliance and speed of change.
“Clausematch’s dynamic mapping capabilities allow keeping all of the rules, regulations and internal compliance content aligned and interlinked.”
David McQueen – chief risk officer at LMG – added, “For LMG, the search for a superior technological solution was to add value to our network of over 6000 brokers as opposed to adding more and more pain to compliance processes.
“We have never believed in the tick-box exercises in compliance. Leveraging technology to make regulatory change management more effective is important. It’s not just about throwing lots of people at the problem.”
McQueen also remarked that he believed Clausematch will enable LMG to save time and reduce risk as well as enable greater confidence the firm is aware of the applicable regulatory obligations.
Clausematch recently signed an agreement with The Connector, a tech firm that claims it has an unconventional approach to assisting firms looking to scale up its client base.
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