Clausematch Launches Strategic Document Modifications Functionality to Boost the Efficiency of Global Compliance Teams
- 09.11.2021 12:25 pm
Clausematch, the global regulatory technology (RegTech) company automating policy management and regulatory compliance at financial institutions and other regulated organizations, today officially launches its new functionality - document modifications. The decision to launch modifications comes after a request from the company's core clients.
With the release of modifications, Clausematch presents an advanced functionality that allows organizations to manage deviations to the 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 their documents and manage them separately. 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, i.e. creating different interconnected language versions of the same document.
On a basic level, addendums are additions to main documents. They allow you to keep all the changes synchronized on a granular level. Over 300 addendums have been created for a Tier 1 US Bank who originally suggested this functionality. This comprises 10% of all governance documents, i.e. on average, there are up to 10 modifications to 1 document. Clausematch’s modifications allow simultaneous management without losing any important connections and reviewers. The bigger the company is, the more difficult the processes are. For a Top Tier Global Bank working across multiple jurisdictions, this feature comes as an absolute necessity.
What used to take 4 weeks of work to make changes across several compliance groups working with local versions of documents, is now achievable in one day. Identification of which information relates to each client can be seen immediately without any confusion.
Previously, many resources were assigned to syncing these modified versions, keeping them updated and retaining the main documents unchanged. For instance, you had one core document and you needed to incorporate 50 changes for different jurisdictions and for different local versions of that document. For 4 weeks in a row, these documents used to be in the 'work in progress' mode as all of the teams worked on them and it took time and effort to collate the changes without losing important beats. This was the starting point to kick-off the process of building the new Clausematch feature that in fact transforms the way the platform functions making it a significant add-on.
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 a smart and efficient way.
Yan Shtefanets, Product Manager at Clausematch, commented: "Today, we officially present a new type of document that will help big banks and enterprises to organize global and local policies more effectively. 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."
Anastasia Dokuchaeva, Head of Product at Clausematch "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. 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.”
Document modifications restores absolute and complete synchronization across an organization, aligning all of the changes in global and local documents on a granular level. This functionality reduces the challenges facing organizations that are operating across multiple jurisdictions, and makes it much easier to constantly manage and keep thousands of internal governance documents up-to-date.
Clausematch is planning to enhance and develop modifications as part of the product roadmap. The company 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.
Clausematch received client feedback regarding the necessity to develop a new feature in January 2021. To recall, the company expanded its operation in the United States in 2020 signing 4 big clients in financial services.