Artificial Intelligence
Visteon Announces Third-Quarter 2020 Results
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VAN BUREN TOWNSHIP, Mich., Oct. 29, 2020 (GLOBE NEWSWIRE) — Visteon Corporation (NASDAQ: VC) today announced third-quarter net sales of $747 million, representing a year-over-year increase of 3% excluding the impact of currency.
Gross margin in the third quarter was $99 million, and net income attributable to Visteon was $6 million or $0.21 per diluted share. Adjusted net income was $38 million or $1.36 per diluted share, which excludes restructuring charges. Adjusted EBITDA, a non-GAAP measure as defined below, was $87 million for the third quarter of 2020 or 11.6% of sales.
During the third quarter, the company was awarded $1.5 billion in new business, for a total of $3.2 billion for the first nine months. Visteon launched a record of 23 new products in the third quarter, totaling 44 for the year to date, which will enable the company to continue to outperform the market.
Cash provided by the company’s operations for the first nine months was $97 million and capital expenditures were $83 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, for the first nine months of 2020 was $37 million, compared to $21 million for the same period in 2019. The company repaid in full $400 million of the revolving credit facility it drew at the end of the first quarter and ended the third quarter with cash of $435 million and debt of $348 million, representing a net cash position of $87 million.
The company’s focus on cost controls is evident in the significant reductions in both engineering and adjusted SG&A, which are down 25% and 19%, respectively, over the prior year. Both areas benefited from a combination of short and long-term structural cost-saving initiatives, which will allow Visteon to support its business growth with an optimized structure. “The proactive measures we took earlier in the year to control costs also helped Visteon achieve record profitability for a third quarter,” said President and CEO Sachin Lawande. “We launched a record 23 new products in Q3, including products on flagship vehicles such as the new Ford F-150 and the Mercedes Benz S-Class. The combined projected lifetime revenue of these 23 launches is more than $2.5 billion, and will help Visteon continue our market outperformance in the coming quarters.”
The company advanced its growth strategy in the third quarter by launching a 12.4-inch digital cluster, telematics control unit and scalable audio solution for the all-new 2021 Ford F-150, and a digital instrument cluster for Daimler’s S-Class sedan. The rest of the year remains strong with multiple programs scheduled for launch during the fourth quarter.
New business wins were robust in the quarter. Key wins included a 12-inch display for a Japanese OEM, the success of Visteon’s Android-based VW Play infotainment system, which helped the company secure a similar Android infotainment award with a U.S.-based OEM, and an extension of its previously awarded battery management system.
About Visteon
Visteon is a global technology company that designs, engineers and manufactures innovative cockpit electronics and connected car solutions for the world’s major vehicle manufacturers. Visteon is driving the smart, learning, digital cockpit of the future, to improve safety and the user experience. Visteon is a global leader in cockpit electronic products including digital instrument clusters, information displays, infotainment, head-up displays, telematics, SmartCore™ cockpit domain controllers, and the DriveCore™ autonomous driving platform. Visteon also delivers artificial intelligence-based technologies, connected car, cybersecurity, interior sensing, and embedded multimedia and smartphone connectivity software solutions. Headquartered in Van Buren Township, Michigan, Visteon has approximately 10,000 employees at more than 40 facilities in 18 countries. Visteon had sales of approximately $3 billion in 2019. Learn more at www.visteon.com. Conference Call and Presentation
Today, Thursday, Oct. 29, at 9 a.m. ET, the company will host a conference call for the investment community to discuss the quarter’s results and other related items. The conference call is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
U.S./Canada: 866-411-5196 (Call approximately 15 minutes before the start of the conference.) The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon’s website. A news release on Visteon’s third-quarter results will be available in the News section of the website.
A replay of the conference call will be available through the company’s website or by dialing Use of Non-GAAP Financial Information The company has withdrawn its financial guidance and, due to the continued uncertainty of market conditions, will not be providing revised guidance until there is better clarity regarding the COVID-19 impact.
In order to provide the forward-looking non-GAAP financial measures for full-year 2020, the company is providing reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict. Forward-looking Information Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this press release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company’s Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 30, 2020. New business wins, re-wins and backlog do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer cancellations, installation rates, customer price reductions and currency exchange rates.
Follow Visteon:
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Kris Doyle VISTEON CORPORATION AND SUBSIDIARIES VISTEON CORPORATION AND SUBSIDIARIES VISTEON CORPORATION AND SUBSIDIARIES VISTEON CORPORATION AND SUBSIDIARIES Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company’s operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, restructuring expense, net interest expense, loss on divestiture, equity in net income of non-consolidated affiliates, gain on non-consolidated affiliate transactions, provision for income taxes, discontinued operations, net income attributable to non-controlling interests, non-cash stock-based compensation expense, and other gains and losses not reflective of the Company’s ongoing operations. Because not all companies use identical calculations, this presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company’s business strategies, and (iii) because the Company’s credit agreements use similar measures for compliance with certain covenants.
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and Adjusted free cash flow are presented as supplemental measures of the Company’s liquidity that management believes are useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines Free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines Adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Free cash flow and Adjusted free cash flow include amounts associated with discontinued operations. Because not all companies use identical calculations, this presentation of Free cash flow and Adjusted free cash flow may not be comparable to other similarly titled measures of other companies. Free cash flow and Adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and Adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses Free cash flow and Adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and Adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company’s profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines Adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, discontinued operations, other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted earnings per share as Adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of Adjusted net income and Adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Adjusted net income and Adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and Adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses Adjusted net income and Adjusted earnings per share for internal planning and forecasting purposes.
Outside U.S./Canada: 970-297-2404
Conference ID: 9459369
855-859-2056 (toll-free from the U.S. and Canada) or 404-537-3406 (international). The conference ID for the phone replay is 9459369. The phone replay will be available for one week following the conference call.
Because not all companies use identical calculations, adjusted gross margin, adjusted SG&A, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Net sales
$
747
$
731
$
1,761
$
2,201
Cost of sales
(648
)
(647
)
(1,605
)
(1,981
)
Gross margin
99
84
156
220
Selling, general and administrative expenses
(45
)
(52
)
(140
)
(167
)
Restructuring expense, net
(32
)
(1
)
(69
)
(2
)
Interest expense, net
(5
)
(3
)
(10
)
(7
)
Equity in net income of non-consolidated affiliates
2
1
4
7
Other income, net
3
2
10
7
Income (loss) before income taxes
22
31
(49
)
58
Provision for income taxes
(12
)
(13
)
(19
)
(16
)
Net income (loss)
10
18
(68
)
42
Net income attributable to non-controlling interests
(4
)
(4
)
(6
)
(7
)
Net income (loss) attributable to Visteon Corporation
$
6
$
14
$
(74
)
$
35
Comprehensive income (loss)
$
30
$
(4
)
$
(80
)
$
21
Less: Comprehensive income attributable to non-controlling interests
7
1
9
4
Comprehensive income (loss) attributable to Visteon Corporation
$
23
$
(5
)
$
(89
)
$
17
Basic earnings (loss) per share attributable to Visteon Corporation
$
0.22
$
0.50
$
(2.65
)
$
1.25
Diluted earnings (loss) per share attributable to Visteon Corporation
$
0.21
$
0.50
$
(2.65
)
$
1.24
Average shares outstanding (in millions)
Basic
27.8
28.0
27.9
28.1
Diluted
28.0
28.1
27.9
28.2
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
September 30,
December 31,
2020
2019
ASSETS
Cash and equivalents
$
431
$
466
Restricted cash
4
3
Accounts receivable, net
476
514
Inventories, net
164
169
Other current assets
193
193
Total current assets
1,268
1,345
Property and equipment, net
418
436
Intangible assets, net
126
127
Right-of-use assets
168
165
Investments in non-consolidated affiliates
51
48
Other non-current assets
133
150
Total assets
$
2,164
$
2,271
LIABILITIES AND EQUITY
Short-term debt
$
—
$
37
Accounts payable
494
511
Accrued employee liabilities
74
73
Current lease liability
31
30
Other current liabilities
189
147
Total current liabilities
788
798
Long-term debt, net
348
348
Employee benefits
280
292
Non-current lease liability
145
139
Deferred tax liabilities
29
27
Other non-current liabilities
72
72
Stockholders’ equity:
Common stock
1
1
Additional paid-in capital
1,344
1,342
Retained earnings
1,605
1,679
Accumulated other comprehensive loss
(282
)
(267
)
Treasury stock
(2,283
)
(2,275
)
Total Visteon Corporation stockholders’ equity
385
480
Non-controlling interests
117
115
Total equity
502
595
Total liabilities and equity
$
2,164
$
2,271
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
OPERATING
Net income (loss)
$
10
$
18
$
(68
)
$
42
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:
Depreciation and amortization
25
25
75
74
Non-cash stock-based compensation
4
3
13
14
Equity in net income (loss) of non-consolidated affiliates, net of dividends remitted
(2
)
(1
)
(4
)
(7
)
Other non-cash items
(1
)
—
1
5
Changes in assets and liabilities:
Accounts receivable
(132
)
(1
)
38
17
Inventories
10
(10
)
5
(13
)
Accounts payable
160
29
11
49
Other assets and other liabilities
36
(6
)
26
(63
)
Net cash provided from operating activities
110
57
97
118
INVESTING
Capital expenditures, including intangibles
(18
)
(38
)
(83
)
(109
)
Loan repayments from non-consolidated affiliates
—
9
2
11
Net investment hedge
1
—
7
4
Other
(3
)
—
(3
)
(2
)
Net cash used by investing activities
(20
)
(29
)
(77
)
(96
)
FINANCING
Borrowings on revolving credit facility
—
—
400
—
Payments on revolving credit facility
(400
)
—
(400
)
—
Repurchase of common stock
—
—
(16
)
(20
)
Dividends paid to non-controlling interests
—
(7
)
(7
)
(7
)
Short-term debt repayments, net
(23
)
(5
)
(37
)
(8
)
Net cash used by financing activities
(423
)
(12
)
(60
)
(35
)
Effect of exchange rate changes on cash
9
(8
)
6
(8
)
Net increase (decrease) in cash
(324
)
8
(34
)
(21
)
Cash and restricted cash at beginning of the period
759
438
469
467
Cash and restricted cash at end of the period
$
435
$
446
$
435
$
446
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
Visteon:
2020
2019
2020
2019
Net income (loss) attributable to Visteon Corporation
$
6
$
14
$
(74
)
$
35
Depreciation and amortization
25
25
75
74
Provision for income taxes
12
13
19
16
Non-cash, stock-based compensation expense
4
3
13
14
Interest expense, net
5
3
10
7
Net income attributable to non-controlling interests
4
4
6
7
Restructuring expense, net
32
1
69
2
Equity in net income of non-consolidated affiliates
(2
)
(1
)
(4
)
(7
)
Other
1
—
3
1
Adjusted EBITDA
$
87
$
62
$
117
$
149
Three Months Ended
Nine Months Ended
September 30,
September 30,
Total Visteon:
2020
2019
2020
2019
Cash provided from operating activities
$
110
$
57
$
97
$
118
Capital expenditures, including intangibles
(18
)
(38
)
(83
)
(109
)
Free cash flow
$
92
$
19
$
14
$
9
Restructuring related payments
11
4
23
12
Adjusted free cash flow
$
103
$
23
$
37
$
21
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Net income (loss) attributable to Visteon
$
6
$
14
$
(74
)
$
35
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Diluted earnings per share:
Net income (loss) attributable to Visteon
$
6
$
14
$
(74
)
$
35
Average shares outstanding, diluted
28.0
28.1
27.9
28.2
Diluted earnings (loss) per share
$
0.21
$
0.50
$
(2.65
)
$
1.24
Adjusted earnings per share:
Net income (loss) attributable to Visteon
$
6
$
14
$
(74
)
$
35
Restructuring expense, net
32
1
69
2
Other, including tax effects of adjustments
—
—
1
1
Adjusted net income (loss)
$
38
$
15
$
(4
)
$
38
Average shares outstanding, diluted
28.0
28.1
27.9
28.2
Adjusted earnings (loss) per share
$
1.36
$
0.53
$
(0.14
)
$
1.35
Artificial Intelligence
KMS Lighthouse and lastminute.com Triumph with a Double Win at the Global Sourcing Association (GSA) 2024 Awards
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TEL AVIV, Israel, June 17, 2024 /PRNewswire/ — KMS Lighthouse, a global leader in knowledge management, is proud to announce its remarkable achievement of winning two prestigious awards with lastminute.com at the Global Sourcing Association (GSA) 2024 Awards. The brands were honored in the following categories:
Retail Programme of the Year: lastminute.com and KMS Lighthouse LimitedTechnology Enabled Programme of the Year (Automation/AI): lastminute.com and KMS Lighthouse LimitedKMS Lighthouse was also a finalist in the Service Provider of the Year category.
The awards were presented on June 11, 2024, at a glittering ceremony held at Richmond Hill Hotel, as part of the GSA Festival of Sourcing. Celebrating its 21st year, the GSA Awards recognize organizations that demonstrate exceptional best practices in strategic sourcing.
Sagi Eliyahu, CEO of KMS Lighthouse Limited commented “We are absolutely delighted to have won these two esteemed awards. This recognition underscores the tireless dedication and innovation of our teams in delivering exceptional knowledge management solutions to our clients. I would like to extend my heartfelt gratitude to our partners at lastminute.com. The synergy and true partnership we have formed exemplify the collaborative spirit needed to drive outstanding results.”
“We are thrilled to celebrate these award wins with KMS Lighthouse,” said Walter Di Lello, Knowledge Manager & Procedure Team Leader at lastminute.com. “This achievement is a testament to the hard work and dedication of both our teams. The collaborative partnership approach we have fostered with KMS Lighthouse has been pivotal in delivering innovative and impactful solutions. Thank you to everyone involved for their relentless commitment and excellence.”
This double accolade highlights KMS Lighthouse’s unwavering commitment to excellence, innovation, and effective collaboration. The successful partnership with lastminute.com has not only enhanced the retail sector’s capabilities but also set new standards in automation and AI-driven solutions.
About KMS Lighthouse:
KMS Lighthouse is a global leader in knowledge management solutions, providing innovative platforms that enhance organizational knowledge sharing and decision-making. Through advanced AI and automation technologies, KMS Lighthouse enables businesses to improve customer service, streamline operations, and achieve higher efficiency.
About lastminute.com
lastminute.com is the European Travel-Tech leader in Dynamic Holiday Packages. Our mission is to simplify, personalise, and enhance our customers’ travel experience by leveraging technology. Thanks to the iconic brand lastminute.com and a rich portfolio of vertical brands, we meet the most diverse needs of travellers across the entire holiday experience. As one of the few fully licensed European tour operators, we offer unlimited real-time travel combinations thanks to our proprietary Dynamic Holiday Packaging engine, providing additional customer protection and exclusive deals. lastminute.com N.V. is a publicly traded company listed under the ticker symbol, LMN on the SIX Swiss Exchange.
Media Contact:KMS Lighthouse [email protected] [email protected]://www.linkedin.com/company/kms-lighthouse/https://kmslh.com/
View original content:https://www.prnewswire.co.uk/news-releases/kms-lighthouse-and-lastminutecom-triumph-with-a-double-win-at-the-global-sourcing-association-gsa-2024-awards-302174249.html
Artificial Intelligence
CluePoints Continues ‘Turning Artificial Intelligence into Human Intelligence’ by Launching Two New Innovations
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Site Profile & Oversight Tool (SPOT) and Intelligent Medical Coding (IMC) unveiled by RBQM innovator at DIA Global Annual Meeting 2024
KING OF PRUSSIA, Pa., June 17, 2024 /PRNewswire/ — CluePoints, provider of leading statistical and AI-driven software solutions, will unveil two of its latest advanced, deep learning technology innovations at the DIA Global Annual Meeting 2024. Both solutions deliver groundbreaking enterprise platform transformations providing Sponsors and CROs with a smarter way to conduct clinical research and detect and manage risks that could impact clinical trial outcomes.
Taking RBQM to a new level, CluePoints’ Site Profile & Oversight Tool (SPOT) delivers adaptive site monitoring, enabling teams to swiftly pinpoint anomalies and translate insights into strategies and actions. Sponsors and CROs can improve their ability to evaluate the performance of clinical trial sites and adjust site visit plans more effectively and efficiently while accurately balancing risk and resource workload.
Further streamlining processes, CluePoints’ Intelligent Medical Coding solution harnesses advanced deep learning technology to enhance the accuracy and efficiency of coding in clinical trials. It seamlessly integrates with existing systems to offer precise, AI-generated coding suggestions, drastically reducing the need for manual dictionary searches and costly coding reviews, freeing up valuable resources and ensuring uniformity across all coded data.
Andy Cooper, CEO of CluePoints, said: “DIA offers the perfect opportunity to share with the industry our latest disruptive and innovative solutions that address key challenges within traditional clinical research methods. Unveiling two new products that leverage next generation AI will transform how CluePoints is viewed in the industry, as we enhance our enterprise-wide solutions to reach new levels of accuracy and efficiency to both improve clinical trial performance and deliver greater insights to further mitigate risk. Our early adopters are already raving about how valuable they are finding both product offerings and we are excited to showcase how they will shape future processes and embody our brand promise to ‘turn artificial intelligence into human intelligence.”
With over 9,500 users engaged with CluePoints’ enterprise platform, to date over 1,600 studies have been de-risked and over 142,000 issues detected.
Visitors to the CluePoints’ DIA Global exhibition booth #1301 will have the opportunity to meet with subject matter experts and see demonstrations of both new platform solutions.
CluePoints also invites DIA attendees to join them at 3pm on Tuesday, June 18th, for a special toast at their booth to celebrate the latest innovations.
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com.
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of artificial intelligence using advanced statistics and machine learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
View original content:https://www.prnewswire.co.uk/news-releases/cluepoints-continues-turning-artificial-intelligence-into-human-intelligence-by-launching-two-new-innovations-302174137.html
Artificial Intelligence
ComplyCube Launches Trust Center with the Most Complete Compliance Posture in the Market
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LONDON, June 17, 2024 /PRNewswire/ — ComplyCube, a RegTech100 global leader in identity verification and compliance solutions, proudly announces the launch of its comprehensive Trust Center. This new initiative emphasizes ComplyCube’s unrivaled compliance posture, redefining security and privacy for IDV, KYC, and AML platforms. With over fifty continuously monitored controls, the AI-powered SaaS leads the way in ensuring clients stay ahead of international regulations and standards.
The Trust Center provides real-time updates on security measures, compliance statuses, and operational transparency, empowering clients to meet regulatory requirements confidently and allowing them to view ComplyCube’s compliance posture on demand. This platform is engineered to enhance transparency, build trust, and streamline compliance processes for organizations worldwide.
ComplyCube unveils its unrivaled compliance posture, redefining security and privacy for IDV, KYC, and AML platforms. With over fifty continuously monitored controls, ComplyCube leads the way in ensuring clients stay ahead of international regulations and standards.
Key Features of the Trust Center:
Real-Time Compliance Dashboard: Live updates on compliance metrics and security statuses.Comprehensive Resource Hub: Access to essential documents, certifications, and regulatory guidelines.Incident Reporting and Tracking: Full transparency in reporting and monitoring security incidents.Tarek Nechma, CEO of ComplyCube, remarked, “The launch of the Trust Center marks a pivotal milestone in our mission to build trust at scale and deliver state-of-the-art compliance solutions. This platform will empower our clients to navigate the complexities of regulatory landscapes with confidence.”
Non-compliance costs are 2.71 times higher than the costs of maintaining or meeting compliance requirements. Another study indicates that companies with strong compliance programs can reduce incident costs by up to 30%. On top of this, 84% of businesses encounter compliance challenges that can lead to significant financial and reputational damage. ComplyCube’s Trust Center aims to further mitigate these risks by providing tools that help businesses maintain and improve their compliance posture.
Mohamed Alsalehi, CTO of ComplyCube, stated, “We design our systems to be compliant by design with the stringent laws and regulations. This proactive approach ensures our clients can meet and exceed compliance requirements effortlessly.”
Joshua Dent, Business & Partnerships Manager, added, “The Trust Center showcases ComplyCube’s adherence to a multitude of globally recognized standards and data protection regulations. Clients and partners can find answers to many of their data protection questions, view active controls, and request documents to fulfill due diligence. It’s fantastic to see this go live following our latest certifications, such as UK DIATF, ISO 9001, PAD Level 2, and ISO 27001:2022 upgrade.”
ComplyCube continues to set industry standards with its innovative solutions, and the Trust Center’s launch underscores its mission to support businesses in achieving compliance excellence.
For more information about the Trust Center, visit ComplyCube Trust Center.
About ComplyCubeComplyCube is a leading provider of identity verification and compliance solutions, helping organizations across various sectors secure their operations and meet regulatory requirements. With a focus on innovation and customer satisfaction, ComplyCube delivers reliable and efficient services that empower businesses to thrive in a complex regulatory environment.
About VantaVanta is a leading trust management platform that automates compliance and streamlines security reviews for SaaS businesses. It helps companies manage risk and prove security in real-time, ensuring adherence to global standards and data protection regulations. With Vanta’s Trust Center, businesses can efficiently manage compliance processes and demonstrate their commitment to security and trust.
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