ClauseMatch, the regulatory technology company that helps financial institutions automate governance, risk and compliance processes across jurisdictions, collaborated with Aberdeen Standard Investments (ASI) in Singapore for the Investment Management Association of Singapore’s (IMAS) Digital Acceleration Program (DAP) and have piloted a solution for the industry.
The DAP start-up mentorship scheme was established this year to help drive transformative change in the asset management world and find innovative ways to address real business problems affecting the industry regionally.
The collaboration with ASI and ClauseMatch for the DAP allowed ClauseMatch to deepen their understanding of the challenges faced by, and to form solutions more tailored to, the asset management industry. Together, the firms identified a use case grouped under the themes of ‘compliance’, ‘efficiency’ and ‘innovation’, focusing on:
● Ensuring continued local policy adherence to ASI’s group governance framework, in addition to local regulatory obligations in Asia;
● Encouraging better engagement from ASI stakeholders across business units, entities and geographies; and
● Using ClauseMatch’s artificial intelligence (AI) and machine learning capabilities to reduce manual processes.
The ClauseMatch platform allowed ASI to test a faster process to confirm ownership and responsibility for policy changes, improved centralisation of governance, and oversight of policies and procedures.
Arathi Arul, Business Development VP for APAC at ClauseMatch, said: "Working closely with the team at ASI for the IMAS DAP has been a rewarding experience for all involved. This was the first time we’ve collaborated with an investment management firm, and we quickly saw how the platform could help ASI solve some of its compliance and AML challenges. The project was a real validation of ClauseMatch’s flexibility: we were able to quickly adapt to the needs of the buy-side and see huge potential in helping other firms in the sector overcome similar obstacles.”
Richard Green, Head of Client Technology Solutions, Asia at Aberdeen Standard Investments, said: “We are constantly seeking ways to innovate and improve our business, and compliance is a key area where we seek the benefits of new technology. Our work with ClauseMatch has proved invaluable: not least to broaden our understanding of the possibilities of a well-conceived artificial intelligence tool, as well as smarter approaches to more integrated workflows. As we continue to deliver more innovative investment offerings to our clients, ensuring we manage costs whilst not compromising on risk management is a key objective.”
Carmen Wee, Chief Executive Officer, IMAS, commented: “The DAP was established to allow innovative regtech companies like ClauseMatch to work alongside our members to help deliver solutions to some of the biggest challenges that the asset management industry is currently facing. We hope that the program will act as a catalyst to speed up adoption of new technology by incumbents and to ensure that fundamental RegTech solutions can be integrated into the investment ecosystem. IMAS is proud to be an enabler of solutions that are paving the way for much-needed technological transformation in the asset management industry.”