ClauseMatch, an award-winning financial technology company that provides software-as-a-service platform for smart document management, today announced the launch and global availability of its innovative online editor.
London-based ClauseMatch, a successful 2014 graduate of the inaugural Barclays Accelerator programme, shall be working with Barclays to enable the bank to manage policies and standards in one place at a global level.
Tailored to the specific needs of financial institutions, ClauseMatch will provide banks with a single tool to increase visibility over documents and boost global team work, thus reducing costs and helping banks to adapt to new regulations. Moving away from a fragmented workflow by means of Word documents, PDFs and e-mails, replacing them with a single comprehensible solution has been an industry-known challenge. While consumers already widely embrace online collaboration tools as the easier and more efficient option, big businesses still struggle to untangle decades of legacy processes.
Until now, there has been no all-encompassing solution to streamline complex workflows, saving time and resources, removing human errors, uncovering hidden risks and providing better insight for senior management. When large and globally distributed teams within companies work on the same documents without a single solution, it can stifle the process, and further data extraction and dynamic searches inside the final documents can be limited. All of this can lead to risks and human errors. Through ClauseMatch, global teams within banks tasked with monitoring regulations and updating internal frameworks, policies and standards now have a single platform to manage the lifecycle of these documents.
"We are thrilled to be working with ClauseMatch and witnessing their progress after the Barclays Accelerator program," said Steven Burman, Global Head of Compliance Operations and Frameworks at Barclays. "Their platform will enable us to manage all of our global policies and standards more efficiently and effectively across the bank while providing the potential to link to other solutions easily through their API. In large complex organisations, document management can be challenging and so it is great that the industry is innovating to make things easier.
Fast-changing regulations, risk and compliance continue to challenge financial institutions in many ways. ClauseMatch addresses this by offering additional features that allow the connection between regulatory changes and internal policies for impact assessment and risk mitigation.
"We started ClauseMatch out of the frustration that we experienced in large financial institutions when working on complex documentation with many stakeholders. After a decade negotiating agreements, we wanted to find a new solution that could fix this broken and fragmented process, which seemed completely inefficient: sending multiple versions of documents to each other, storing comments and approvals in emails. It all led to a lack of transparency, inexistent audit trail and inaccessible content in documents. Management had no overview of issues and bottlenecks and regulators wanted to see deviations and approvals of non-standard terms, which had to be recorded manually," - ClauseMatch CEO and Founder Evgeny Likhoded comments. "We are excited to pioneer a real transformation in policy management processes, allowing banks to achieve their goals."
In the past three months, over 300 employees were successfully on-boarded on to the ClauseMatch platform, with thousands more due to get started this year.
In recognition of its proprietary technology, ClauseMatch won BBVA FinTech award in 2014. And recently in the course of the FCA TechSprint developed a prototype for unlocking regulatory reporting, linking policy documents with regulations.
Contributed | what does this mean?