Clausematch reflects on 2021 success and looks ahead to 2022
2021 has been a mammoth year for Clausematch with multiple successes across all areas of our business. From launching PolicyPortal and graduating from TechNation LawTech Sandbox Pilot to extending partnerships with the likes of Barclays and PensionBee. Most recently, Clausematch was selected as one of the World's Most Innovative RegTech Companies 2022. As we approach the end of the year, we are taking a look back at some key highlights of 2021 for Clausematch.
In February 2021, we launched our new module -Policy Portal. Following the soft launch there was an immediate adoption of the tool across all clients, with the users of the Portal numbering almost 170,000during the first weeks. Policy Portal is designed to be a single real-time up-to-date repository of all disseminated policies and procedures across an organisation. There is also a mobile version allowing employees to access the policies from across the entire organisation at any time.
Additionally, in November, we launched a new strategic document modification functionality to boost the efficiency of global compliance teams. The decision to launch modifications came after a request from the company's core clients and allows users to update the content in a smart and efficient way. The function allows clients to inherit full content from their original documents, automatically syncing with latest revisions.
Coming to the close of the year, our team atClausematch is 65 people strong. We hope to continue expanding our expert team into 2022, to offer our clients the perfect way to solve compliance challenges.
In February, we became one of five innovative tech pioneers to successfully complete the TechNation LawTech Sandbox Pilot.Clausematch joined the LawTech Sandbox Pilot to apprehend how technology can facilitate a better way of communicating and publishing regulations. We are committed to understanding how regulated firms can easily adapt and implement these regulations across the structure of their firms. The aim of working with financial institutions is to help them digitize their policies and procedures as well as addressing regulatory change management, with the potential of making all of this content digitally native.
Receiving two awards in July was a huge honour to Clausematch. Firstly, Clausematch was judged on our product and its degree of disruption and potential for global growth by Innovate Finance Pitch360 and came up trumps at the competition. Evgeny Likhoded, our founder & CEO, was the top category winner across all financial services categories and solutions of the competition. Secondly, Clausematch was awarded the A-Team Innovation award for the most innovative implementation of knowledge graph technologies byA-Team Insight. Clausematch received recognition for its project with Abu DhabiGlobal Market (ADGM).
The cherry on top of this exciting year forClausematch was being selected for the fifth annual RegTech100 list. This list recognizes the world’s most innovative technology solution providers offering products and services in the areas of compliance, risk management, information security and financial crime. RegTech100 brands the selected companies as the companies every financial institution needs to know about as they consider and develop their mission critical RegTech and digital transformation strategies.
Clausematch published our first Voice ofRegTech survey in July. This was carried out with support from the UK FinancialConduct Authority (FCA), between May 2020 and May 2021, with participation from almost 40 firms across the US, Asia, the Middle East, the UK, Australia, andEurope. A key objective of the study was to gain a better understanding overall of the impact of the Covid-19 pandemic on the RegTech industry. Key findings from the survey revealed:
- The RegTech industry has seen an uplift in sales trends during the pandemic
- Financial institutions’ attitudes towards technology are evolving rapidly
- Pressure is increasing for regulators to adopt regulatory technology
- 92% of RegTech firms said that the pandemic has positively impacted the adoption of cloud-based products.
Clausematch topped off a successful summer with the announcement of the Partnerships and Certification program. The main goal of the program is to create an end-to-end holistic solution and an ecosystem for a complete compliance process, as well as educate the market we're working with to achieve wider adoption of digital transformation. InJuly, the Clausematch family accounted for six certified partners: Gemserv, PWC, NovaVu, FinTrail, Beyond, Change Gap. All of these companies were trained and are now subject matter experts in Clausematch technology.
Moving from Summer to Autumn and we announced that the Clausematch Policy Portal is streamlining compliance for 90,000Barclays employees. Barclays was an early supporter of Clausematch’s vision, having selected the company for inclusion in its inaugural Barclays Accelerator program in 2014. Now, Clausematch’s RegTech platform supports Barclays’ efforts to further its digital transformation and make financial and ESG compliance more effective. By streamlining the process of updating policies, frameworks, controls, new systems, and ways of working can be introduced more quickly, with less scope for disruption or human error.
October this year also saw Clausematch partner with PensionBee, a leading online pension provider, to streamline policy management and their internal controls. In preparation for its listing on theLondon Stock Exchange. Clausematch is assisting PensionBee’s commitment to transparency and high standards of corporate governance.
As the year was beginning to wind down inNovember, Clausematch was only getting started as we noticed a rising demand for compliance automation among Asian SMEs through our partner Ingenia. We anticipate not only collaborating with new clients in Asia but further extending their joint footprint in the Asian financial and FinTech sector.
The RegTech industry has experienced rapid growth over the last two years and Clausematch anticipates plenty of emerging opportunities in 2022 in the sector to enhance compliance strategy and operations. We are excited to expand our partnerships across multiple sectors, our solutions make sense for banking and finance but also sectors such as education - any regulated industry needs compliance solutions and we are thereto help.
As a last word to 2021, Clausematch is proud to have come out of this unpredictable year managing to continue to strive to becoming the base component of a complete end-to-end compliance management solution both for financial institutions and regulators and is excited to continue to grow in our current partnerships, collaborate with new clients, and further extend our presence in the compliance domain across all sectors.