Clausematch, a technology company developing solutions for regulatory compliance, is pleased to announce today it has gone live with LMG, Australasia’s biggest loan aggregator.
Over the last 2-3 years, the industry has experienced substantial regulatory change. The complexity in managing regulations, policies, controls and internal compliance documents has become significant.
LMG’s decision to adopt Clausematch's policy management and regulatory change management modules is to lessen the manual burden and prevent future risk.
"For LMG, the search for a superior technological solution was to add value to our network of over 6000 brokers as opposed to adding more and more pain to compliance processes,” said LMG Group Chief Risk Officer, David McQueen.
"We have never believed in the tick-box exercises in compliance. Leveraging technology to make regulatory change management more effective is really important. It’s not just about throwing lots of people at the problem.”
Mr. McQueen believes Clausematch will enable LMG to save time and reduce risk. It will enable greater confidence the company is aware of the applicable regulatory obligations.
With the number of policy documents for LMG now nearing 300, digitizing compliance processes is important. The Clausematch's Policy Portal will be available to 6,000 brokers, ensuring all of the policies are up-to-date and communicated across the broker network in a timely manner.
Freddie Frith, Head of Sales at Clausematch, said: "We're delighted to partner with one of the industry leaders in the market in this pivotal period of expansion for them. As the company is growing across different geographies, our goal with LMG was to provide a holistic consolidated view of regulation, obligations, policies and procedures in a centralised location to ensure full compliance and speed of change. Clausematch's dynamic mapping capabilities allow keeping all of the rules, regulations and internal compliance content aligned and interlinked."
As LMG expanded, the business started operating in multiple jurisdictions while adhering to at least 7 regulators: ASIC and AFCA in Australia, the FMA in New Zealand, just to name a few. Two years ago, more regulatory change was brought about by the introduction of new regulations such as RG273, the largest item of legislation for the sector. Another core element influencing the industry is privacy change. Australia is anticipating the introduction of a GDPRs regime, an analog of GDPR in the EU. And there are significant changes in the cybersecurity space as well.