Clausematch, a technology company developing solutions for regulatory compliance, has partnered with private and commercial bank Arbuthnot Latham.
As part of the partnership, the firm is adopting Clausematch’s policy management platform to automate and streamline compliance processes.
The banking industry has been experiencing an influx of regulation and increased personal accountability. One of the goals for adopting compliance technology was to simplify and digitise the policy framework.
Arbuthnot Latham is relationship-led but is investing heavily in technology to increase efficiency and deliver positive outcomes for clients. The bank has around 100 internal compliance documents, i.e. policies, procedures, standards, and controls in place, with more being added in the future. Replacing a fragmented workflow of Word documents, PDFs and e-mails with a single dynamic tool.
The policy management solution from Clausematch – No.1 on our recent RegTech 50 ranking – will allow the compliance teams to reduce the time and risk of policy maintenance by working in a centralised platform that manages the full policy lifecycle rather than piecing disconnected systems.
Digitised workflows now allow updates to be easily tracked with a clear audit trail in a central system using the best of cloud-based application development.
Jamie Day, head of operational risk at Arbuthnot Latham, said: “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.
“An automated audit trail ensures clarity around accountability and it is easily extractable should the regulator request it.”
Freddie Frith, head of sales at Clausematch commented: “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.”
Recently, Arbuthnot Latham added 150 new users to the platform, who will work with Clausematch to support the next phase of digital transformation.
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