Regtech Clausematch has partnered with London-based private and merchant bank Arbuthnot Latham for digital transformation of compliance.
As part of the partnership, the bank will adopt Clausematch’s policy management platform to automate and streamline compliance processes.
Founded in 1833, Arbuthnot Latham is investing heavily in technology to increase efficiency as well as deliver positive outcomes for clients. The bank has around 100 internal compliance documents – a workflow of Word documents, PDFs and emails.
Clausematch’s policy management tool helps compliance teams reduce the time and risk of policy maintenance. Teams work in a centralised platform that manages the full policy lifecycle rather than piecing disconnected systems. Through digitised workflows, updates can be tracked with a clear audit trail in a central system using cloud-based application development.
“The Clausematch platform allows us to avoid a fragmented approach to naming, tagging, structuring and formatting compliance documents thus avoiding risks and keeping everything in a single dynamic repository,” said Jamie Day, head of operational risk at Arbuthnot Latham. “An automated audit trail ensures clarity around accountability and it is easily extractable should the regulator request it.”
Transformation journey
Freddie Frith, head of sales at Clausematch, adds: “We are honoured to be working with one of the fastest-growing UK banks helping them on their journey aimed at the digital transformation of compliance. With a single compliance management platform, it is now possible in a few clicks to run the end-to-end lifecycle of compliance documents, company-wide policies and procedures: they can easily be drafted, reviewed, approved and finalised. The Policy Portal instantly makes it available in a single repository for employees to easily access and attest to.”
Arbuthnot Latham recently added 150 new users to the platform. It says 10 Power Users, 10 light Users and 130 Portal Users will work on Clausematch to support digital transformation.
Clausematch also recently celebrated its 10 year anniversary. The regtech services more than 40 clients across the globe. Its most recent funding round saw financial support from Sony, Lytical Ventures as well as Flashpoint.
Image and article originally from thefintechtimes.com. Read the original article here.