The prototype, linking internal banking policies with constantly changing regulations, was created by senior developers from JWG and ClauseMatch during the autumnal session of the FCA Sprint. ClauseMatch, the innovative API-driven document collaboration platform, enabled easy integration of RegDelta, the regulatory change management platform provided by JWG. The two companies successfully linked chapters of the FCA Handbook with policy documents via RegDelta's API and are now extending their integration to address a broader and deeper set of regulatory and policy issues. Together both firms will help clients perform gap analyses between their internal policies, procedures and regulatory documents/obligations.
Regulators are encouraging the development of innovative solutions by RegTech firms as there are currently limited off-the-shelf tools that can ease compliance. While financial regulation in the UK and in many other countries continues to change rapidly, the joint solution offered by JWG and ClauseMatch ensures a streamlined response to regulatory updates and performs gap analyses between policies and regulatory obligations on a real-time basis.
JWG's CEO, PJ Di Giammarino commented "If the RegTech industry is a mountain, we are now only at basecamp. Serious cooperation and collaboration between technology companies, regulators and financial institutions is necessary to drive the innovation in the timeframe required."
Evgeny Likhoded, ClauseMatch CEO & Founder commented: "Collaborating with one of the most powerful specialists in the market, opens new prospects for our product development. We have a common vision to simplify and streamline the complexity behind regulatory changes. We hope this integration will help to bring a wave of new regulatory solutions and will set an example for other market participants to follow".