And just like that, summer is gone, and with it, Clausematch’s Summer Festival came to an end.
From July-September, Clausematch hosted a series of virtual events that covered some of the hottest topics for compliance professionals. During our final event in September, we had the pleasure of hosting four compliance all-stars, Evgeny Likhoded, Founder and CEO at Clausematch, Dana Lawrence, Chief Compliance Officer and Advisor at Fideseo, Ada Margaret Ogbeyi CAMS, Lead, Compliance Governance & Learning at UBA Group and Tommaso S., Head of Financial Crime at Currencycloud, for a chat. They shared real-life stories and tips on how to turn compliance challenges into opportunities. Here you’ll find a summary of the key snippets from the webinar but you can access the full content here.
Transforming a compliance challenge into a RegTech solution
Evgeny, also known as Jay, was working in legal and compliance for Morgan Stanley in 2009, when they were having to adapt to a great deal of new regulations. For this reason, he was involved in a lot of regulatory implementation and remediation projects. These projects required that he spent most of his time working with different types of compliance documents, as well as contracts. Back then, he realised that companies had been managing important documents in the same manual way for over 20 years, using traditional tools, such as Word, SharePoint and Excel, and in silos. That’s when he had the idea to create a tool that would fix the creation of compliance documents and centralise it.
With this vision, he started Clausematch, aiming to help organisations manage compliance content, such as policies, procedures, and obligations, in real time, in a modern, centralised fashion. Jay’s goal was to develop a tool that allowed companies to have full control over document versions, avoiding back and forth of emails, provided a complete audit trail for regulators, becoming a single source of truth that could be disseminated across the whole workforce, to help drive the right employee behaviour.
The vision was turned into reality, and now,ten years later, Clausematch is adopted by companies across the globe. Our solution allows them to understand and manage a document’s complete lifecycle, from creation, to update and dissemination, at a paragraph level, with full versioning control. The platform goes beyond that, enabling intelligent, contextual mapping of documents, i.e., linking an AML policy to all relevant procedures, standards, and controls, providing automated alerts for editors and approvers, and reporting capabilities that compliance departments can present to their C-level stakeholders.
“We’re on a mission to solve compliance for organisations in regulated industries. It’s been an incredible journey so far, with incredible customers. For many, this world of compliance is not an exciting subject, but we actually believe that solving compliance will help organisations to bring safe products to the market, from financial services down to physical products that need to comply with standards, and make sure that every organisation has got a culture of compliance with their employees”, he concluded.
Transaction monitoring for cryptocurrencies
Ada Ogbeyi, as well as other compliance leads of financial institutions operating in Nigeria, must make sure the companies where they work are not involved in any cryptocurrency transaction, as the regulator in the country has banned such transactions and requires that financial institutions close accounts that engage in them. Failure to comply results in a steep fine, charged per each account they fail to close.
So how do they make sure the institution is compliant and protected from financial losses? Here are 6 helpful steps Ada shared with us:
Tackling the increase in online fraud
It’s fair to say that, with the world going more and more digital, online fraud is here to stay - and is increasing significantly. A multitude of factors bring in the perfect storm, with customers being targeted when they engage in online payments or via social media scams, and criminals taking advantage of the anonymity of crypto transactions and the increase in vulnerable people at the back of COVID and the ongoing war, for example.
Falling victim to fraud doesn’t only impact people’s finances, it can also bring emotional stress and it’s difficult to shake off the feeling that someone took advantage of you. So, what can financial institutions do to be at the forefront of the fight against fraud and protect their customers and communities from this threat?
Our compliance superstar, Tommaso Scarpa, shared learnings, based on his experience in the front line. Here are 4 areas he believes financial institutions should focus on:
Setting up a compliance function at the speed of business
Our last guest, Dana Lawrence, was tasked with establishing a quality compliance and internal control function at a rapidly scaling fintech, in preparation for the mass launch of their product. She raised up to the challenge and set it up in record time.
Here are the 5 tips she learned along this journey and shared with us:
If you’re feeling motivated by these success stories, you should consider registering right now for our upcoming webinar on 10th November that will bring you 5 Tips to Supercharge Your Compliance Programs in 2023.