Tag: ClauseMatch

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Data Driven Compliance

Data Driven Compliance – Evgeny Likhoded – Using Data to Make Compliance Programs Dynamic

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the Data Driven Compliance podcast, hosted by Tom Fox. It is a podcast featuring in-depth conversations around the uses of data and data analytics in compliance programs. In this episode, host Tom Fox visits Evgeny Likhoded, the CEO of Clausematch, to discuss their platform for real-time collaboration on content related to governance risk and compliance.

With a focus on financial services, insurance, and Fintech companies, Clausematch ensures compliance with regulations by managing policies and procedures and tracking changes. Likhoded explains how adopting this platform contributes to increased business efficiency and compliance, highlighting its value during times of crisis. Plus, listeners can expect to learn about upcoming trends in compliance technology, including those mandated in areas such as data privacy, ESG, and cybersecurity. Take advantage of innovative ideas to elevate your approach to compliance – subscribe to the Data Driven Compliance podcast today!

Key Highlights:

· The Importance of Dynamic Compliance Programs
· Real-time Governance and Compliance Reporting
· Clausematch Platform and Dynamic Compliance Programs
· Smart and Connected Compliance Strategy
· Compliance Technology and Emerging Regulatory Frameworks

Notable Quotes:

“It’s not enough anymore to have a compliance manual sitting on the shelf; it needs to be distributed. It needs to have engagement. It needs to be communicated.”

“Our goal was to enable collaboration on content that needs a strict and strong governance process.”

“Our platform is used for managing policies and procedures in a way that enables companies to track every single change every time a policy changes to prove that this change complies with the regulations.”

“We have seen an increased number of RFPs requests for proposals specifically in compliance and policy management in large organizations, not just financial services.”

 Resources

Evgeny Likhoded on LinkedIn

Clausematch

 Tom Fox 

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Innovation in Compliance

The Digital Knowledge Graph with Evgeny Likhoded and Vladimir Ershov

This week’s guests are Evgeny Likhoded, CEO and founder, and Vladimir Ershov, Head of Data Science, of Clausematch. They join Tom Fox to talk about a groundbreaking new innovation, the Digital Knowledge Graph in open source. Learn how this game-changer is revolutionizing the way compliance is managed and what it means for industries, companies, and governments around the world.

Evgeny Likhoded is the CEO and founder of Clausematch, a global compliance and regulatory technology company. He started Clausematch to digitize and structure regulation and help regulators to innovate in the space. Jay has worked to solve a common problem in compliance – managing compliance documents and compliance content. He has brought all of the workflow and content management under one platform to provide compliance professionals a way to collaborate on content in real time.

Vladimir Ershov is the head of Data Science at Clausematch. He has been working in the field of data science for four years and previously worked at Apple. Vladimir is passionate about semantic linkage for law documents and was excited to join Clausematch four years ago to continue his work in this field.

You’ll hear them discuss:

  • The process of developing the Clausematch Knowledge Graph took a year with involvement from multiple teams and experts in the regulatory field.The process included discussions with regulatory experts, data preparation, model training and evaluation, and integration with Clausematch’s tools.
  • The key idea behind Clausematch was to capture data in a structured form from the start, allowing for more to be done with the data.
  • Clausematch was pitched to several financial services regulators, including FCA and ADGM, as a platform for tagging regulation text through expert work and machine learning models.
  • The open source Knowledge Graph generated by Clausematch can be used by other companies and regulators to automatically analyze regulations.
  • The structured regulations can also be applied to a financial institution’s internal compliance documents to identify gaps and contradictions in their policies.
  • The Knowledge Graph helps digitize the meaning of regulations. 
  • The models can be used to look for patterns in regulations and to show regulators if internal policies are compliant with regulatory rules.
  • The ultimate goal is a world where every regulation is structured and consumable via API. The release of the Knowledge Graph in open source will help reach the goal faster.
  • Knowledge Graph technology is relevant to compliance technology. Historically, compliance solutions have been focused on formalizing rules and processes into a framework through manual means. Knowledge Graph technology automates the process of structuring data and extracts entities and obligations to form the framework.
  • Neural network models or reinforcement learning agents can be run on top of the extracted graph to look for compliance patterns.
  • The knowledge graph technology will be available on Clausematch.com and GitHub, and a scientific paper with more information will be released.
  • The graph structure is important in compliance due to the need for exact inference in compliance, unlike the correlation approach in language models like GPT.

 

KEY QUOTATIONS: 

“There is a principal flow in the models like ChatGPT and other language models which are based on correlation approach… [but] in the compliance field we need causation, we need exact inference and that’s why the graph structure is extremely important to be able to build the automation for the compliance.” – Vladimir Ershov

 

Resources 

Evgeny Likhoded | LinkedIn 

Vladimir Ershov |  LinkedIn 

Clausematch

Knowledge Graph Information

Categories
Innovation in Compliance

A Digital Transformation to Compliance with Evgeny Likhoded


 
Evgeny Likhoded is the founder and CEO of ClauseMatch, a company that provides financial institutions with a modern AI-based compliance platform to transform their regulatory change management process.  Tom Fox welcomes him to this week’s show to talk about ClauseMatch, how it helps its clients, and the evolution of compliance.  
 

 
Digital Transformation: The Core of ClauseMatch
Bringing digital transformation to governance risk and compliance is at the core of the ClauseMatch platform. What ClauseMatch has built is a way for companies to collaborate in real time on content, specifically content that needs strict and strong governance processes. “Primarily our platform is used for managing policies and procedures in a way that enables companies to track every single change every time the policy changes,” Evgeny tells Tom. Ultimately it helps clients show their regulators that they have interpreted and incorporated the rules into their own internal governance frameworks, and have communicated that to their employees. 
 
The Evolution of Compliance
Evgeny cautions that it’s not enough to have a compliance manual just sitting around. Compliance regulations and objectives need to be distributed and have engagement with the entire organization. A large part of ClauseMatch’s roadmap is driven by customer challenges, and how they might be addressed and another part is driven by the market. “There are a lot of things that we see on the market that will drive the adoption of compliance solutions,” Evgeny says. Regulated firms won’t be the only ones affected by the changes happening in the market. “Privacy regulations aren’t just for regulated firms,” he adds. Every firm that is holding some form of data for its clients and customers is subject to these regulations. This, along with a greater emphasis on ESG are two prime examples on how compliance has evolved for companies. 
 
Smart and Connected Compliance
Tom asks Evgeny to define smart and connected compliance. Connected compliance is the ability to understand and connect compliance content that comes from many different sources. This means the obligations, procedures, and policies that come from various regulators. “We need to rewrite the policies and procedures we need to make sure that their controls are still compliant with the regulations and obligations, and if they’re not connected you can never estimate the full impact of that,” Evgeny explains. Smart compliance is where individuals can start using machine learning and natural language to understand these connecting links across the organization. 
 
Looking Ahead
Tom asks Evgeny what key trends will shape compliance technology in the future. Evgeny explains that the need for compliance technology will only increase during 2022 and onward. New regulations will be introduced for cryptocurrency activities and assets, as well as various regulatory frameworks with ESG. Cybersecurity will have a lot more scrutiny from regulators and governments as well. 
 
Resources
Evgeny Likhoded | LinkedIn | Twitter 
ClauseMatch