ClauseMatch has become one of the five innovative tech pioneers to successfully complete the Lawtech Sandbox, by LawtechUK - the government-backed initiative within Tech Nation.
ClauseMatch is an award-winning global compliance technology company (RegTech) that automates policy management and regulatory change management at financial institutions and other regulated organisations.
By working with financial institutions in helping them digitise their policies and procedures as well as addressing regulatory change management, ClauseMatch looks at the potential of making all of this content digitally native. Creating documents that are machine-readable, machine-executable, and digitally native by design would enable the organisations to work smarter with documents.
ClauseMatch joined the LawTech Sandbox Pilot to work closely with legal professionals in order to understand how technology can facilitate a better way of communicating and publishing regulations and how the regulated firms can easily adapt and implement those regulations across the structure of the firms in order to be compliant and bridge the gap between them enabling an automated smarter way of complying with regulatory rules.
Anastasia Dokuchaeva, Head of Product at ClauseMatch, said: “The programme was highly instrumental for us for working with the ecosystem, understanding the challenges and the problems that both sides - regulators and the regulated - face. What was the most unique about it is that it provided us with a great opportunity to work with multiple regulators and have them come together at the round table all ‘in one room’, at one time simultaneously, something that we were not able to do before. As part of the Sandbox, we were looking at several use cases such as an anti-money laundering and KYC, ESG, privacy, onshoring post-Brexit. Meeting experts allowed us to tap into this wealth of experience and deep-dive more into the issues that the industry is looking at."
LawtechUK built the needed environment for the pioneering collaboration between disruptive tech companies and regulators, uniting several regulators in the expert group called the regulatory response unit. It included mentors from the Financial Conduct Authority (FCA), IPReg, Bar Standards Board, CILEx regulation, Solicitors Regulators Authority (SRA), and many others.
Jenifer Swallow, Director of LawTech UK, commented: "Moving from analogue to digital compliance is an immediate and compelling opportunity for businesses and regulators alike. Increasing complexity and responsibility means the old approach to consuming and implementing regulation is fast becoming untenable and with capabilities like ClauseMatch, also unnecessary. It was fantastic to see the penny drop on this with so many collaborators during the Sandbox Pilot in very practical ways, and to see the group work producing a dataset to enable the tool to be deployed across different types of regulation and compliance use cases."
To recall, the first LawTech Sandbox Pilot started back in November 2020. Among the selected companies of the cohort are Amplfi, Clause, ClauseMatch, Deep Tech Dispute Resolution Lab, Legal Utopia.