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The aggregation group has partnered with UK-based regtech specialist Clausematch to digitise compliance.
LMG has announced it has adopted a new regtech system from UK-based technology company Clausematch.
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The regtech platform supports companies in policy management and regulatory change by digitising and streamlining their risk and compliance documents, which can be created, tracked, and managed in real time.
The company works with a range of multinational clients across regulated industries, including financial services, energy, and insurance.
Noting the regulatory environment had changed substantially in Australia in the past few years — resulting in burdensome complexity in managing regulations, policies, controls, and internal compliance documents — LMG said its decision to adopt Clausematch’s policy management and regulatory change management modules would lessen the manual burden and prevent future risk.
LMG Group’s chief risk officer, David McQueen, revealed that LMG now has nearly 300 policy documents in its system, which means that adopting a digital system would help save time and reduce risk for the company.
Clausematch’s Policy Portal will be available to the 6,000 brokers aggregating under LMG, ensuring all of the policies are up to date and communicated across the broker network “in a timely manner”.
“For LMG, the search for a superior technological solution was to add value to our network of over 6,000 brokers as opposed to adding more and more pain to compliance processes,” Mr McQueen said.
“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.”
Freddie Frith, head of sales at Clausematch, added: “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.”
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