IA Fintech Member Insights: Clausematch
SINGAPORE, 23 October 2019 — 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.”
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Aberdeen Standard Investments
Head of Media Relations, Asia Pacific
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NOTES TO EDITORS
ClauseMatch is a software technology company that enables financial institutions to comply with their internal corporate governance documentation (standards, procedures, controls). It is a 2014 graduate of the inaugural Barclays accelerator program, BBVA Open Talent challenge winner, and is in the top RegTech companies selected by CB Insights and Dow Jones. The company is live at several global financial institutions. The solution brings unprecedented productivity and transparency for Compliance, Legal, Finance, Operations and Risk teams saving millions in terms of time and resources, while significantly reducing risk and providing accountability.
Aberdeen Standard Investments
- Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.
- With over 1,000 investment professionals we manage US$669.6 billion* of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which they invest.
- We are high-conviction; long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance. We are resolute in our commitment to active asset management.
- Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen plc, one of the world’s largest investment companies.
- Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017.
*as at 30 June 2019
Investment Management Association of Singapore
Representing over 100 investment managers with assets under management in Singapore of about SGD $1.2 trillion (as of April 2018), the Investment Management Association of Singapore (IMAS) aims to contribute towards the development of the industry in Singapore by fostering high standards and professionalism while promoting exemplary practices among its members.
IMAS was formed on 22 September 1997 and is the representative body of investment managers spearheading the development of the industry in Singapore. It serves as a forum for members in discussions as well as a collective voice where representation is needed on behalf of the investment management industry, facilitating training for its members, and contributing towards investor education.
Full details can be found on the IMAS website http://www.imas.org.sg/