LMG digitises its compliance processes

A tech company that develops solutions for regulatory compliance has gone live with the loan aggregator

LMG digitises its compliance processes

LMG, Australasia's biggest loan aggregator, has adopted Clausematch’s policy management and regulatory change management modules, in a bid to lessen the manual burden and prevent future risk.

This follows the substantial regulatory change experienced by the industry over the past two to three years, including the rollout of new regulations such as RG273, privacy change, and changes in the cybersecurity space. Australia is also anticipating the introduction of a GDPRs regime, an analog of GDPR in the EU. All these have made managing regulations, policies, controls, and internal compliance documents become increasingly complex.

“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,” said David McQueen (pictured above), LMG group chief risk officer. “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.”

McQueen believes Clausematch will empower LMG to save time and mitigate risk. It will also inspire greater confidence that the company is on top of the applicable regulatory obligations, he said.

With the number of policy documents for LMG now close to 300, digitising compliance processes is important. The Clausematch’s Policy Portal will be accessible to 6,000 brokers, ensuring all of the policies are up-to-date and communicated across the broker network in a timely manner.

“We’re delighted to partner with one of the industry leaders in the market in this pivotal period of expansion for them,” said Freddie Frith, head of sales at Clausematch. “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 seven regulators, including ASIC and AFCA in Australia and FMA in New Zealand.

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