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ClauseMatch establishes presence in the U.S. amid COVID-19

Evgeny Likhoded, CEO & Founder, ClauseMatch

ClauseMatch, a compliance platform that enables compliance, legal, finance, operations and risk departments to collaborate in real-time on policy documents has announced that the company is establishing its presence in the U.S. by launching a new US office in New York.

The U.S. launch is part of the company’s strategic move in times of uncertainty and volatility. On the one hand, the lockdown and remote work have challenged compliance teams in several 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.

“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,” said Evgeny Likhoded, CEO & Founder, ClauseMatch.

The company was recently selected among 10 companies as part of the FinTech Innovation Lab in New York run by the Partnership Fund for New York and Accenture. Unlike traditional solutions for policy management, ClauseMatch’s proprietary AI-powered document collaboration platform enables to work with smart connected policy documents in real-time. Besides, it also helps teams to map them with regulatory obligations by applying machine learning (ML) algorithms on a granular level.

“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,” said Rich Heller, Head of US Branch.

After Singapore and London, New York is the third location across the globe where ClauseMatch is represented. The opening comes in response to demand from US companies and international clients operating in the US such as the Barclays. At Barclays, the platform is used by all risk and compliance departments to manage their global policies in real-time. The integration helped the company in reducing the annual policy refresh cycle by 40%, manual work by 85% and provided every employee with the access to the latest policy in one central place from desktop, tablet, and mobile.

“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,” said Michael Rasmussen, US-based GRC expert.

Founded in 2012, ClauseMatch is a regulatory technology company that enables financial institutions and other regulated organizations to comply with their internal corporate governance documentation such as policies, standards, procedures, controls.

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