After gathering feedback from our top clients, the Clausematch team is excited to introduce the release of document modifications target="_blank" rel="noopener"> to help regulated organizations boost the efficiency of their global compliance teams. The new functionality allows organizations to manage deviations to an original document and solve several different issues, while retaining governance and control over the content, permissions, and workflows. Users can now create addendums to documents, including global and local policies. They can also set different levels of access and permissions to these documents on a granular level.
Why did we introduce document modifications?
Before we introduced the document modifications functionality, organizations struggled to manage and track updates and addendums to global policies. This caused issues including:
- The refresh cycle was hard to manage
- Changes that related only to an addendum required drafting the whole document
- There was confusion over responsibilities – Different content had different owners
- It was hard to track changes between dependent documents and content
- It wasn’t easy to ensure compliance
Once we understood the challenges our clients faced, our team developed the document modifications product to help streamline the policy management review process.
Here are a few ways document modifications can help compliance organizations
They provide a seamless way for multiple stakeholders with different responsibilities to manage policies
The larger an organization is, the more difficult it is for them to establish consistent processes across the board. The document modifications functionality allows teams to simultaneously manage documents for policies and procedures without losing any important connections and reviewers. For a Top Tier Global Bank working across multiple jurisdictions, this feature comes as an absolute necessity.
Teams can automatically sync the latest revisions of a document in record time
What used to take four weeks of work to make changes across several compliance groups working with local versions of documents is now achievable in one day. Key stakeholders can easily identify what information is relevant for them without any confusion. Unlike working in Microsoft Word or Google Docs, necessary changes can be made to a specific document without affecting the core document.
For example, when someone creates content in document modifications, it is marked with orange borders. You can identify who made changes in the document and why, while changes to the original document remain the same. This is a key game changer for clients. Previously, many resources were assigned to syncing these modified versions, keeping them up-to-date and retaining the main documents unchanged. The document modifications functionality reduces the time compliance teams spend collating changes to local versions of the same document. It also simplifies control over content as users control only their parts of the content.
Anastasia Dokuchaeva, Head of Product at Clausematch commented, "Document modifications restores absolute and complete synchronization across an organization, aligning all of the changes in global and local documents on a granular level. This functionality reduces the challenges facing organizations that are operating across multiple jurisdictions, and makes it much easier to constantly manage and keep thousands of internal governance documents up-to-date.”
What’s next?
Looking ahead, Clausematch is planning to enhance and develop document modifications as part of the product roadmap. Additionally, we’re looking to release more localization and target version use cases while also adding the possibility to merge content back, which is a common scenario for compliance teams.
For more information, check out our recent video on document modifications or contact us directly at info@clausematch.com.
