Clausematch, a technology company developing solutions for regulatory compliance is pleased to announce it has partnered with Arbuthnot Latham, the private and commercial bank, to enable the digital transformation of compliance. As part of the partnership, the firm is adopting Clausematch's policy management platform to automate and streamline the 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, 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 proprietary Clausematch policy management solution 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 534 additional new users onto the platform. 16 Power Users, 18 light Users, and 500 Portal Users will be working on Clausematch to support the next phase of digital transformation.