RegTech company Clausematch has launched a strategic document modification functionality, to boost the efficiency of global compliance teams.
The functionality allows organisations to manage deviations to an original document and solve a number of different use cases, while retaining governance and control over the content, permissions, and workflows.
Users can now create addendums to documents including global and local policies. They can also set different levels of access and permissions to these documents on a granular level. This is the most common use case for modifications as well as translations.
Clausematch automates policy management and regulatory compliance at financial institutions and other regulated organisations.
The feature has been launched following Clausematch’s review of client feedback at the start of the year, in which the company’s clients requested the feature. One of these clients, a Tier 1 US Bank, has already been able to implement 300 addendums in their documents.
Making changes to documents often require several compliance groups working with local documents and can weeks to complete and compile changes, but with the new tool, Clausematch claims it can be done within a day.
Anastasia Dokuchaeva, head of product at Clausematch, explained, “Our customers have challenged us to rethink how to make the process of creating and managing addendums and translations to documents more efficient, where all stakeholders work on their own documents, yet in unison with everyone else.”
Clausematch will continue to develop enhancements and modifications to this technology. This will include more localisation and target version use cases, as well as the possibility to merge content back.
Earlier this year, Clausematch launched a Partnerships and Certification programme for financial institutions and regulators, with the goal of creating an end-to-end holistic solution and ecosystem for a complete compliance process.
The Partnerships and Certification programme includes online courses and attestation, with the aim of allowing more partners to be officially qualified to use the Clausematch system. Once companies have completed the programme, they will be officially qualified to consult, sell and integrate Clausematch solutions.
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