Clausematch celebrates its first Middle Eastern collaboration as it signs an agreement with Várri Consultancy for compliance automation technology for small and medium-sized enterprises (SMEs).
Clausematch, a technology company developing solutions for regulatory compliance, has signed an agreement with Várri Consultancy, an independent management consulting boutique specialising in strategy, risk and governance advisory, to provide compliance automation technology to SMEs in the Middle East.
Its newfound agreement with Dubai-based Várri Consultancy marks Clausematch’s first collaboration with a business in the Middle East.
This latest announcement builds on the regtech provider’s existing clientele, which includes several tier one banks in the North American and EMEA regions, including Barclays. It also contributes to the over $20million in funds Clausematch has amassed as leader of the industry.
The need for risk maturity
Várri Consultancy’s business model operates on the consultation of organisations in times of fundamental societal changes. Its clients derive from the financial services and renewable energy sectors, and engage with the consultancy on matters of governance, risk and compliance matters.
And the ability to combine expertise with the necessary technology tools has proven beneficial in the majority of its pursuits.
“Organisations are struggling to make sense of all the uncertainty in the world, and executives find it difficult to stay updated on the constant stream of regulatory changes,” explains Johnny Kollin, founder and managing director of Várri Consultancy.
“Companies’ policies and procedures meant to address those issues often lack an apparent linkage to the real risks and regulatory environment.”
Kollin recognises how, as a result, companies fail to receive the necessary staff buy-in and ultimately “end up on a shelf.”
He also recongises how Clausematch allows companies to manage the policy lifecycle, citing its ability to “link internal policies with external regulations, and demonstrate compliance to their stakeholders, improving their compliance and risk management efficiency.”
Complicated compliance
All clients of Várri Consultancy need to adhere to various regulations. Many are rapidly expanding companies looking to gradually increase their organisational risk maturity, while others are looking to apply for financial services permissions.
By combining advisory services with modern technology, consultants at Várri can more efficiently transfer and integrate their expertise within the organisations they advise.
Furthermore, employing technology in these operations is expected to save time during the implementation, resulting in fewer billable hours, which is important for small and medium corporate clients.
It also saves time on the client’s side in the longer run. Therefore, this way of doing business contributes to the return on investment (ROI) of clients of Várri – an approach that aligns well with the productivity of the Clausematch platform.
Claudia Coutinho-De Somma, EMEA account exeсutive at Clausematch, comments: “We’re delighted to collaborate with Várri Consultancy as they have significant knowledge and experience with regulated entities in the UAE.”
“The approach Várri employs when providing clients with technology solutions is thorough, completely sincere, and objective, all of which are very valuable to us,” she continues. “It also fits Clausematch’s mission of providing highly regulated businesses with best-in-class efficient SaaS compliance solutions.”
In conjunction with its collaboration with regulators, Clausematch recently introduced the digital regulatory knowledge graph in open source, resulting from its collaboration with the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).
The knowledge graph is a source of digitised rules available for the use of decision automation systems. With digital regulatory rulebooks, financial institutions will be able to gain a deeper contextual understanding of the current applicable legislation and apply requirements more effectively and efficiently.
