PensionBee selects Clausematch to streamline policy management

By Edlyn Cardoza

Leading online pension provider, PensionBee, has adopted software from global RegTech firm Clausematch to manage its internal policies and controls. In preparation for its listing on the London Stock Exchange, PensionBee first engaged Clasematch in late 2020. It needed to review and prepare a multitude of documents and having all its compliance documentation on a single platform helped to automate several processes.

PensionBee started by using the Clausematch editor which provided a centralised view on all the policies, procedures, standards, and controls. It enables the team to collaborate on documents in real-time and track any edits that are made, providing a full audit trail of changes. Staff members can also interact with the policy owners via a designated Q&A function, should they have any questions. The system allows PensionBee to efficiently review and prepare all its documentation, reducing the amount of time the compliance team spends on low-value administrative compliance tasks, and increasing the team’s overall efficiency.

PensionBee recently on-boarded another product module – the Clausematch Policy Portal – which gives staff members access to the most up-to-date company policies. Every member of the 170-strong team can access the platform, which gives users the option to confirm that they have read any new policies and that they will adhere to them. They can search the library of policies, mark their most-viewed documents as favourites, and receive email notifications every time a new policy is released.

Romi Savova, CEO of PensionBee, commented:  “PensionBee is committed to transparency and high standards of corporate governance, and compliance automation is an important part of this. Clausematch has helped us organise our company policies in one place to make it as simple as possible for staff to find the information they need while providing a comprehensive audit trail. Streamlining our policy management has removed the need for manual reminders and repetitive admin tasks, freeing up the team to spend more time doing what they do best – helping our customers look forward to a happy retirement.”

Evgeny Likhoded, CEO and Founder of Clausematch, commented:  “We’re delighted to be working with such an innovative business as PensionBee empowering the team with our tools for compliance management. Our companies share a lot in common: PensionBee allows savers to combine their pension pots all in one place, while Clausematch allows teams to consolidate all of their compliance documents in a single place in a dynamic format. PensionBee solves the problem of having lots of pension paperwork, and that’s what Clausematch does in compliance. We’re both on a mission to simplify and deliver the best possible outcomes for our customers: our innovation is a marathon, and we’re happy that we’re working together.”

Recently, IBS Intelligence reported that Clausematch, the global RegTech company automating policy management and compliance, announced that 90,000 Barclays Bank employees across the globe are now using its platform.