Regtech ClauseMatch is crossing the Atlantic and setting up operations in the US, according to a note from the company. ClauseMatch is a compliance platform that seeks to streamline legal, finance, operations, and risk departments.
ClauseMatch reports that it has opened a new office in New York City due to demand from both US companies as well as international firms operating in North America. After London and Singapore, New York is the third location across the globe where ClauseMatch is represented. Establishing a presence in the US is a strategic move even while the market is experiencing a period of uncertainty and volatility.
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.
ClauseMatch was initially introduced to the US market through the Department of International Trade UK (DIT) missions several years ago. In early 2017, ClauseMatch claimed its first global client with a significant presence in the US.
Current clients operating in the US include Barclays along with two of the largest financial companies in the country, says ClauseMatch. These include a publicly traded bank based in New York and one of the world’s largest investment firms. Popular UK based digital bank Revolut is already using ClauseMatch’s services in the US.
On June 25th, ClauseMatch “graduated” from the Fintech Innovation Lab based in New York and run by a the Partnership Fund for New York and Accenture. ClauseMatch was only one of ten companies participating in the Lab. The experience brought more exposure to US financial services firms as well as gaining additional insight into the needs of big banks as well as insurance companies.
Ari Helgason, Principle at Index Ventures – ClauseMatch’s lead investor, said they are excited about the potential of the Clausematch platform for the North American market. Helgason said the AI-driven approach to automation compliance and bringing structure to unstructured data is unique.
“Now is the right time to help risk and compliance automate policy management and step up to the level that regulators expect.”
Maria Gotsch, President and CEO of the Partnership Fund for New York City, added that tech that streamlines compliance is a priority for the Lab:
“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.”
ClauseMatch’s proprietary AI-powered document collaboration platform is said to enable work with smart connected policy documents in real-time. ClauseMatch aims to help teams to map them with regulatory obligations applying machine-learning (ML) algorithms on a granular level, something that’s not available anywhere else.
ClauseMatch reports that Barclays risk and compliance departments are already using the service to manage their global policies in real-time. ClauseMatch is estimated to have reduced the annual policy refresh cycle by 40%. ClauseMatch took away 85% of manual work – a significant difference.
Evgeny Likhoded, CEO & Founder, ClauseMatch, stated:
“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.”
Rich Heller, Head of US Branch, explained they are seeing increasing demand and appetite for the kind of technology they offer from banks of all sizes and insurance companies.
Michael Rasmussen, a US-based GRC expert, said that North American organizations are being hammered with regulatory obligations and compliance requirements – a bit of an understatement:
“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,” said Rasmussen.