Regtech Firm Clausematch Celebrates Debut of New Document Modification Feature

Global regtech company Clausematch this week launched a new document modification feature. The move was inspired by requests from the company’s core clients.

The advanced functionality allows organizations to manage deviations to the original document and solve additional use cases while retaining governance and control over the content, permissions, and workflows. Users can now create addendums to their documents and manage them separately. They can also set different levels of access and permissions to these documents on a granular level. Translations are another expected use.

On average, Clausematch said there are up to 10 modifications to a single document. Clausematch’s modifications allow simultaneous management without losing any important connections and reviewers. For a top tier global bank working across multiple jurisdictions, this feature comes as an absolute necessity.

What used to take four weeks of work to make changes across several compliance groups working with local versions of documents, is now achievable in one day, Clausematch claims. Identification of which information relates to each client can be seen immediately and without confusion. Previously, significant resources were assigned to syncing these modified versions, keeping them updated and retaining the main documents unchanged.

The modification documents allow inheriting full content from the original document automatically syncing the latest revisions. They also allow the content to be updated in an efficient way.

“Today, we officially present a new type of document that will help big banks and enterprises to organize global and local policies more effectively,” Clausematch product manager Yan Shtefanets said. “If there is a global policy which needs amending to have a slightly different version for a local entity that will address local regulatory requirements. How can you apply these changes without changing anything in the global policy? Now you can create a copy of a global policy that will always contain the latest updates from the original document.

“This functionality will allow required changes to be applied on top of the original content. Work on this local policy can be assigned to relevant parties from a local entity while keeping control over the update cycle. This allows global compliance teams to work in a new way, completing their assigned tasks more quickly without having to wait for the completion of work as a whole. It also simplifies control over content as users control only their parts of the content.”

“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,” head of product Anastasia Dokuchaeva added. “We are proud to deliver this new and innovative approach, and believe it will be a game-changer for our customers. Following the launch of this new product, we are pleased to receive feedback that we have exceeded our clients’ expectations, and are excited by the prospect of them being able to maintain all documentation and its variations, synchronized and empowered by technology.”

Clausematch said it plans to release more localization and target version use cases while also adding the possibility to merge content back which is a common scenario for compliance teams.

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