LMG adopts Clausematch to gain a competitive advantage from digitisation of compliance
LMG adopts Clausematch to gain a competitive advantage from digitisation of compliance
London, UNITED KINGDOM, Sydney, AUSTRALIA, New York, March 20, 2023: Clausematch, a technology company developing solutions for regulatory compliance, is pleased to announce today it has gone live with LMG, Australasia’s biggest loan aggregator.
Over the last 2-3 years, the industry has experienced substantial regulatory change. The complexity of managing regulations, policies, controls and internal compliance documents has become significant.
LMG’s decision to adopt Clausematch's policy management and regulatory change management modules is to lessen the manual burden and prevent future risk.
"For LMG, the search for a superior technological solution was to add value to our network of over 6000 brokers as opposed to adding more and more pain to compliance processes,” said LMG Group Chief Risk Officer, David McQueen.
"We have never believed in the tick-box exercises in compliance. Leveraging technology to make regulatory change management more effective is really important. It’s not just about throwing lots of people at the problem.”
Mr. McQueen believes Clausematch will enable LMG to save time and reduce risk. It will enable greater confidence the company is aware of the applicable regulatory obligations.
With the number of policy documents for LMG now nearing 300, digitizing compliance processes is important. The Clausematch's Policy Portal will be available to 6,000 brokers, ensuring all of the policies are up-to-date and communicated across the broker network in a timely manner.
Freddie Frith, Head of Sales at Clausematch, said:
"We're delighted to partner with one of the industry leaders in the market in this pivotal period of expansion for them. As the company is growing across different geographies, our goal with LMG was to provide a holistic consolidated view of regulation, obligations, policies and procedures in a centralised location to ensure full compliance and speed of change. Clausematch's dynamic mapping capabilities allow keeping all of the rules, regulations and internal compliance content aligned and interlinked."
As LMG expanded, the business started operating in multiple jurisdictions while adhering to at least 7 regulators: ASIC and AFCA in Australia, the FMA in New Zealand, just to name a few. Two years ago, more regulatory change was brought about by the introduction of new regulations such as RG273, the largest item of legislation for the sector. Another core element influencing the industry is privacy change. Australia is anticipating the introduction of a GDPRs regime, an analog of GDPR in the EU. And there are significant changes in the cybersecurity space as well.
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About Clausematch:
Clausematch is an award-winning regulatory technology company developing solutions for regulators and regulatory compliance. The cutting-edge Clausematch platform brings automation to policy management, regulatory change management, and organisational governance. Regulators can also use Clausematch to manage, publish, and update regulations in a digital form. The company works with a range of multinational clients across regulated industries, including financial services, energy, and insurance. Clausematch was a regional winner for Barclays’ entrepreneur awards for the Rise FinTech Company of the Year, recently topped Business Cloud’s RegTech50 list, and was named RegTech of the Year by the US FinTech Awards in 2022. www.clausematch.com
About LMG:
LMG is the largest and most progressive aggregator group across Australia and New Zealand supporting a community of over 6,000 brokers and advisers. Proudly family-owned and led, LMG supports businesses operating under their own brand, or the Loan Market brand, and partners with over 65 banks and lenders. The business has grown rapidly, with LMG brokers in both countries helping over 300,000 customers settle over $130 billion worth of loans in 2022 and reaching a collective loan book of $350 billion.
