ClauseMatch, a compliance platform that enables compliance, legal, finance, operations and risk departments to collaborate in real-time on policy documents, has announced the launch of its US office in New York. The opening comes in response to demand from US companies and international clients operating in the US.
They include Barclays, as well as two of the largest financial organizations in the country: a publicly traded bank based in New York and one of the world's largest investment firms. After London and Singapore, New York is the third location across the globe where ClauseMatch is represented.
Earlier this year, ClauseMatch was selected among 10 companies as part of the FinTech Innovation Lab in New York run by the Partnership Fund for New York and Accenture. The company was mentored by industry experts from top-tier banks in the US and continues to have momentum with them. On June 25th ClauseMatch graduated from the Lab bringing the expertise to the market along with its technology for effective policy management that is in demand by US banks of different size sand insurance companies.
Technology that more efficiently facilitates compliance with regulatory requirements was a priority for the financial institutions in our FinTech Innovation Lab, who selected ClauseMatch for the 2020 class," said Maria Gotsch, President and CEO of the Partnership Fund for New York City. "We're excited that ClauseMatch is entering the U.S. market by opening an office in New York at a time when new activity and jobs are so important for our local economy.
Unlike traditional solutions for policy management, ClauseMatch's proprietary AI-powered document collaboration platform enables work with smart connected policy documents in real-time. Furthermore, it helps teams to map them with regulatory obligations applying machine-learning (ML) algorithms on a granular level, something that's not available anywhere else.
At Barclays, the platform is already used by all risk and compliance departments to manage their global policies in real-time. This helped to reduce the annual policy refresh cycle by 40%, compliance reports by ClauseMatch took away 85% of manual work and every employee always has access to the latest policy in one central place from desktop, tablet, and mobile.
“Our technology has found a warm welcome in the US, especially in the current climate where the entire workforce is now working from home, and organizations have to find new tools to adapt. With daily changes happening in the global arena, it is imperative to be able to adapt quickly and communicate better with employees. Through our platform, business continuity plans and disaster recovery policies could be updated and communicated to everyone in real-time, so people in compliance can work smarter and concentrate on higher-value tasks.
Evgeny Likhoded, CEO & Founder, ClauseMatch
Establishing a presence in the US is a strategic move as it comes at a time of uncertainty and volatility. On the one hand, the lockdown and remote work have challenged compliance teams in many ways and have had a significant impact on technology adoption in the region. And on the other, it is the latest new guidance for corporate compliance programs published by the Department of Justice (DoJ) that takes compliance program effectiveness into consideration by checking whether it is well designed, being implemented effectively and whether the program works in practice.
Rich Heller, Head of US Branch commented:
With fast-changing regulations, especially in the current crisis, risk and compliance continue to be the biggest concern for financial institutions. We see an increasing demand and appetite for the kind of technology we offer from banks of all sizes and insurance companies. It is definitely the right moment to enter and serve the North American market now .
North American organizations are being hammered with regulatory obligations and oversight for compliance, particularly in financial services. They need efficient, effective, and agile ways to manage regulatory obligations and governance documents such as policies. ClauseMatch's entry into the North American market comes at the most ideal time as the U.S. Department of Justice just this month released guidance on the evaluation of compliance programs with a predominant focus on policy design, comprehensiveness, accessibility, and operational integration, these are all specific things that ClauseMatch enables and delivers upon,
— Michael Rasmussen, US-based GRC expert added.
To recall, ClauseMatch was initially introduced to the US market through the Department of International Trade UK (DIT) missions since 2016. And in early 2017, the first global client with significant presence in the US followed.