Welcome from Lee Campbell, CEO

 

With the first half of 2021 under our belts, we look towards the rest of the year with anticipation for what is to come. With a number of successful project completions, a new version release and internal team development, we hope to continue to expand on this success and keep on track for 2022.

Some highlights of 2021 so far include…

• Continued expansion of our global team with new hires in all regions
• Signing one of the largest oil majors in the world
• Very strong continued revenue growth in H1 (up 20% from H1 2020)
• Multiple successful go lives on v7
• Launch of the CubeControlCentre
• SOC 1 & 2 certifications
• New partnership opportunities
• Energy Technology Firm of the Year

As we move into H2 we anticipate a continued expansion of the team, bolstered by the long-awaited opening of our Swansea R&D centre. With this in mind, there will be further investment in the product in credit, Transaction Surveillance and Position Limits as well as the launch of CubeCalc which further expands our offering in the market.

Finally, nothing is possible without our loyal customer base and so I would like to take this opportunity to thank all of you for your continued support.

Awards

CubeLogic named EnergyRisk’s Energy technology firm of the year

We are pleased to have been named Energy Technology Firm of the Year at the Energy Risk Awards 2021. The winners of this year’s Energy Risk awards demonstrate best practice in risk management throughout the commodities industry. They are also pushing the boundaries and shaping the energy and commodity markets.

Click here to read more.

Announcements

Client Projects and Implementations:

The first half of 2021 has seen a continued increase in the number of projects undertaken by the CubeLogic Professional Services Team. We have already completed twenty projects/assignments with another 30 in progress. These have ranged from new implementations of our Credit and Trade Surveillance product solutions, product upgrades to our existing customer base and several extensions to our Market Risk solution.

We are now in the position that over 80% of our customers are running version 7.x of RiskCubed with projects either agreed or being planned for the upgrade of the remainder. The remainder of 2021 will see us take our latest RiskCubed release (version 8.0) and support our customers who are ready to migrate to this latest version.

2021 has seen us continue to invest in the growth of our Professional Services team to support this Project activity. We have also undertaken several initiatives to improve and streamline our delivery processes along with building stronger links to our Group-wide pre-sales activity and Product Development team.

Launch of CubeControlCentre (CCC)

In May we announced the rebrand of RiskCubed Control Centre (RCCC) to form the Cube Control Centre (CCC). The Cube Control Centre is the nerve centre responsible for command and control of real-time monitoring and communications with associated teams across our business locations including our “RiskCubed in the Cloud” SaaS operations. CCC commands those responsible to take action and initiate escalation procedures based on priority and criticality levels. Command & Control Centres are mission critical environments to ensure success of multi-disciplined organizations with 100% productivity.

Click here to read more.

 

Certifications  

ISO – We are also pleased to announce we have completed the ISO 27001 3 year recertification in March 2021 and the ISO9001 certification as of April 2021. CubeLogic has also successfully completed the SOC1 and SOC2 audits for 2021 (details below).

SOC1 – Report on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting (ICFR). These reports, prepared in accordance with AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting, are specifically intended to meet the needs of entities that use service organizations (user entities) and the CPAs that audit the user entities’ financial statements (user auditors), in evaluating the effect of the controls at the service organization on the user entities’ financial statements.

https://www.aicpa.org/interestareas/frc/assuranceadvisoryservices/aicpasoc1report.html

SOC2 – Report on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy. These reports are intended to meet the needs of a broad range of users that need detailed information and assurance about the controls at a service organization relevant to security, availability, and processing integrity of the systems the service organization uses to process users’ data and the confidentiality and privacy of the information processed by these systems. These reports can play an important role in:

• Oversight of the organization
• Vendor management programs
• Internal corporate governance and risk management processes
• Regulatory oversight

https://www.aicpa.org/interestareas/frc/assuranceadvisoryservices/aicpasoc2report.html

Click here to read more.

 

New Partnerships…

CreditSafe Partnership

In May we announced a strategic partnership with CreditSafe which further advances the ability of credit risk managers to seamlessly manage their counterparties and quickly assess risk in the portfolio. The integrated offering utilizes Creditsafe’s comprehensive, global data services covering credit reporting and monitoring and combines it with CubeLogic’s award winning RiskCubed platform.

This automated flow of data results in a credit department’s ability to respond more effectively and efficiently to changing business needs by, amongst other things:

1. Quickly evaluate and onboard new counterparties and customers, allowing the front office to more rapidly capitalize on market opportunities
2. Perform initial KYC checks and ongoing monitoring of external entities to avoid being associated with companies or individuals that flout international compliance laws
3. Keep the portfolio of counterparties and customers up to date and help ensure lines of credit are adequately set
4. Incorporate the Creditsafe Credit Score alongside public ratings and internal assessments to better calibrate risk models and receive early warning of potential credit weaknesses

Click here to read more.

 

S&P Partnership

CubeLogic customers can now seamlessly ingest S&P Global Market Intelligence data, including ratings, financial statements, credit outlooks, and more into the CubeLogic RiskCubed platform. S&P Global Market Intelligence is the division within S&P Global that provides data, essential insights, and powerful analytics to help navigate the financial markets. Credit practitioners now have a single, integrated, decision-making portal from which to manage their business that blends the credit and counterparty data stored in RiskCubed with the comprehensive credit data and analytics that the division provides.

Click here to read more.

Microsoft Gold Partnership

In July we were proud to announce that we were granted Microsoft Gold Partner status with competencies in Application Development, Application Integration and Cloud Platforms. This partnership reflects Microsoft’s recognition of the deep knowledge CubeLogic’s development and operations teams have of Microsoft technologies, as well as the increasing importance of the CubeLogic’s SaaS offering through the Azure platform.

Click here to read more.

 

Product Releases

RiskCubed, Credit Risk Version 8 Release

The CubeLogic team have worked tirelessly to get this latest version completed, tested, documented, and released. This is now avaliable for all clients.  Building on top of the recent stabilisation work, this is looking to be the best version of the platform to date. Version 8 is a major release which completes the full transformation of the CubeLogic portal into HTML5. The new version of the software not only assists CubeLogic’s clients’ risk functions to work together seamlessly but also helps simplify risk processes and improves risk visibility.

This is a great milestone for CubeLogic and the software. This release marks the first fully Silverlight-free version of the portal, bringing in full support for the latest version of SQL Server and providing access to the latest features of our Angular web platform. It also brings in new functionality including an all-new Limits screen, support for Unicode characters in counterparty names and several other fields, a configurable static data interface and brings together various other new features and hot fixes released in recent iterations of version 7.

Click here to read more.

 

In other news…

The Mind Walk 2021

Throughout July 2021 CubeLogic signed up to take part in The Mind Walk! Our aim was for us all to walk 10k each and raise as much money as we could to support Mind and all of the fantastic work they do to help those in need of Mental Health support. This is a particularly important cause to be supporting in the current climate and we are proud to do our part. We are thankful for all the support we received in this endeavour and we are very proud of our teams efforts.