Activeops Regulatory News (AOM)

06 June 2022

RNS Reach

ActiveOps Plc

("the Company" or "the Group")

ActiveOps launches CaseworkiQ RegTech Solution

Innovative tool addresses the specific workforce management needs and regulatory pressure on back-office operations processing case-based work.

ActiveOps plc (AIM: AOM), a leading provider of Management Process Automation (MPA) software for running complex and global back-offices, is pleased to announce the launch of CaseworkiQ, which addresses a new segment of its existing customer population.

CaseworkiQ enables the smarter management of capacity in environments processing case-based workflows. These are typically tasks with multiple stages, which might take weeks or months to complete, such as the completion of Know Your Customer (KYC) and Anti Money Laundering (AML) by banks, or complaints and claims processing for insurance companies. The complexity of these types of workflows makes them challenging to measure, forecast and plan capacity. Such workflows are often subject to high levels of regulation and if completed incorrectly or not within the committed time, expose the organisation to risk of fines and reputational damage. These pressures have led to many organisations significantly increasingly administrative headcount to mitigate these risks.

Through the implementation of CaseworkiQ, organisations can expect to receive productivity gains, demonstrate control and resilience to regulators, and optimise planning to increase surety on performance thereby reducing the risk of financial penalties.

The offering is highly applicable across the Group's existing customer base, widening the addressable customer population. CaseworkiQ will be sold on a per user annual licence, adding to the Group's levels of recurring revenue.

CaseworkiQ's first customer is the financial crime function of a UK high street bank and is an existing ControliQ customer. The deployment of CaseworkiQ resulted in a productivity improvement of 21%.

ActiveOps CEO Richard Jeffery commented: "The growth in the regulatory environment, coupled with the ongoing challenges of hybrid working, are driving our customers to increase their focus on the more challenging areas of their back-offices. They are investing to ensure they can meet their regulatory and service level commitments, which is why we're excited that we now have the ability to offer a workforce optimisation solution specifically developed to meet the specific needs of complex case-management operations.

"We have identified a significant opportunity for CaseworkiQ across our existing target sectors and geographies and are excited by the additional growth driver it represents."

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About ActiveOps

ActiveOps is a leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices. The Group's software and embedded back-office operations management methodology enables enterprises to adopt a data-driven, scientific approach to organising work and managing capacity.

The Group's enterprise platform comprises Workware+, its MPA software platform, and AOM, the Group's operations methodology and framework for effective back-office management. Together, this combination of software and embedded methodology enables operations managers to balance the competing priorities of meeting service and quality standards while improving productivity and reducing cost.

As at 31 March 2022, the Group has 190 employees, serving its global customer base of approximately 80 enterprise customers from offices in the UK, Ireland, USA, Australia, India and South Africa. The Group's customers are predominantly in the banking, insurance and business process outsourcing (BPO) sectors, including Nationwide, TD Bank, Anthem Inc and DXC Technology.