ClauseMatch, an award-winning London-based financial and regulatory technology company which aims to automate the entire regulatory life cycle to help companies ensure compliance, is the very first company to join the Investment Association’s (IA) FinTech membership category. The IA’s newly launched membership category is designed to boost engagement between FinTechs and the asset management industry and facilitate the adoption of cutting-edge technologies.

Keith Phillips, the IA’s Director for Membership & Enterprise said: “We are extremely proud to welcome ClauseMatch on board as the IA’s first FinTech member.

As a market-defining RegTech firm, ClauseMatch can play a leading role in driving innovation across the buy-side and ensuring that the asset management industry remains globally competitive.”  

“We are thrilled to join the IA’s forward-looking FinTech membership category and we are excited to offer the buy-side significant improvements to their compliance, risk and governance processes, and ultimately make them more efficient, effective and compliant.” – ClauseMatch CEO and Founder EvgenyLikhoded commented.

Compliance, legal, finance, operations and risk departments of global banks already use ClauseMatch to help automate impact assessments, streamline the implementation of regulatory change and to collaborate effectively on thousands of high-risk and compliance documents across entire organisations.

ClauseMatch applies a deep understanding of the regulatory lifecycle to standardise and automate processes and workflows across teams, reducing costs, speeding up implementation and demonstrating compliance to regulators. Comprehensive audit trail delivers accountability, transparency and assurance into readiness for the next review of current governance documentation, internal controls and their links to the applicable regulations. Organisations that bring their compliance documentation to the ClauseMatch platform ultimately gain the ability to automate those tasks by applying machine learning to that data.

Evgeny Likhoded added: “Regulators and regulations have hit the financial industry hard ever since the financial crisis. Until recently, most of the organisations affected have been banks and the traditional “sell-side” institutions. Especially, with the introductions of SM&CR and MiFID II, the buy-side is starting to see increasing regulatory and compliance demands on their organisations too. Using technology to gain an upper hand, learning from the mistakes of the banks, and avoiding hiring armies of regulatory consultants and employees, the buy-side is well positioned to take advantage of the surge in Regulatory Technology companies.”

The creation of the IA’s FinTech membership is part of the IA’s drive to boost innovation and speed up the adoption of new emergent technology across the asset management industry. In order to achieve this, in February this year, the IA launched Velocity – its specialist FinTech Accelerator for the asset management industry. Applications are now open for the first cohort of firms.