ClauseMatch, which provides smart document management software, has partnered with JWG to launch a ‘next-generation policy management solution’.
The two companies said the service will bring together JWG’s semantic regulatory platform, RegDelta, and ClauseMatch’s document collaboration platform. The combined entity will facilitate a streamlined response to regulatory updates for financial institutions.
They claim the new service will reduce financial institutions regulatory gap analysis by 85 per cent by linking regulatory obligations to internal policies in a ‘cost-effective, automated and auditable fashion’.
The service reduces time associated with regulatory gap analysis, providing an immediate view of the gaps between regulation and policy. It also enables the banks employees to assess the applicability of regulation to their policies and create a framework for new regulatory regimes which is easily applied to other firms.
Evgeny Likhoded, ClauseMatch CEO & founder, said: “With constant regulatory changes and the requirement to improve conduct, governance and controls environments in financial institutions, it has become a challenge for the industry to keep up with the changes required to be made to the internal governance documentation on continuous basis. Our collaboration with JWG is bridging this gap by using technology to automate impact assessment and speed up the implementation of regulatory change.
London-based ClauseMatch provides a real-time document management platform which brings an unprecedented productivity for compliance, legal, finance, operations and risk teams. It claims to save millions in terms of time and resources, while significantly reducing risk and providing accountability.
Earlier this year, the company picked up £1.25m in a seed round from Austrian early-stage venture capital fund Speedinvest.
ClauseMatch was recently hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – n essential, in-depth analysis of the global RegTech market.
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