Private bank Arbuthnot Latham has partnered with technology company Clausematch to develop solutions for regulatory compliance.
As part of the partnership, Arbuthnot Latham will adopt the Clausematch policy management platform to automate and streamline compliance processes.
The bank is investing heavily in technology to increase efficiency and deliver positive outcomes despite being a relationship-led business. Furthermore, the bank has close to 100 internal compliance documents to be replaced with a single dynamic tool.
In addition, the Clausematch policy management solution will let the compliance teams reduce the time and risk of policy maintenance. Also, digitised workflows allow updates to be easily tracked with a clear audit trail in a central system using the best of cloud-based application development.
Recently, Arbuthnot Latham added 150 users to the Clausematch platform.
Jamie Day, head of operational risk at Arbuthnot Latham, said: “The Clausematch platform allows us to avoid a fragmented approach to naming, tagging, structuring and formatting compliance documents thus avoiding risks and keeping everything in a single dynamic repository. An automated audit trail ensures clarity around accountability and it is easily extractable should the regulator request it.”
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Freddie Frith, head of sales at Clausematch, commented: “We are honoured to be working with one of the fastest-growing UK banks helping them on their journey aimed at the digital transformation of compliance. With a single compliance management platform, it is now possible in a few clicks to run the end-to-end lifecycle of compliance documents, company-wide policies and procedures: they can easily be drafted, reviewed, approved and finalised. The Policy Portal instantly makes it available in a single repository for employees to easily access and attest to.”