Winter Newsletter 2021
Welcome from Lee Campbell, CEO
As we head into the new year it is important to look back on the successes of 2021 which have led us to where we are today. This year the world has continued to battle the challenges associated with the pandemic, but we believe we have come out the other side stronger than ever, and I am pleased to say that we are in good stead for a transformative 2022.
There have been a number of big changes in the last 12 months, including some very pivotal hires which will prove imperative as we continue to scale out our operations. We are excited to see what the new year brings and hope to be able to see many old faces (and meet new ones) as the world begins to shift back to normality. Moving into 2022 I anticipate further expansion of our team as we look to continue to grow our footprint in Energy/Commodities and also expand further in the Financial Services market.
I would like to take this opportunity to thank our ever-loyal customer base for their continued support and I wish them all the best in the coming year.
Some highlights of 2021 so far include…
- 43% revenue growth on 2020
- +14 new client contracts including six new client logos
- +9 client upgrades
- Winner of ‘EnergyRisk Technology House of the Year’
- 20% increase in staff from 2020
- Multiple key hires including COO, CRO and CFO
- Swansea Office up and running!
Firstly we would like to welcome all of the new staff who have joined us in the last year. Our staff are our greatest asset and we hope to see the team grow even more in the coming months.
Among the numerous additions to the team we have appointed a number of senior management roles…
Natallia Hunik, Chief Revenue Officer
Natallia joined us in December 2021 as CRO. Based in Boston, USA, Natallia takes on this role after an extensive selection process, and will be responsible for overseeing and leading the global sales organisation. Natallia’s wealth of experience in Financial Services will ensure we have all the tools necessary to expand our presence in the FS market. Read more.
Natallia joins us as our outgoing CRO, Tony Frangiamore announces his retirement effective at the end of 2021 after five years of service. Tony remained in post while the selection process was completed and will remain affiliated to CubeLogic for a period of time to act as an advisor during this transition.
Tom Edwards, Chief Operations Officer
Tom joined us in August 2021 as COO. This is a key strategic hire to oversee the growth of the business. Based in London, Tom will have global responsibility for client service delivery as well as joining the CubeLogic Board. This hire further strengthens our senior team. Read more.
Charlie Warhurst, Chief Financial Officer
Charlie joined us in January 2021 as CFO. In this role Charlie is responsible for overseeing the financial performance of the business. Based in London, Charlie will operate at a global level tasked with driving revenue growth through analytics, cost optimisation and improved working capital management. Read more.
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.
Client Projects and Implementations:
The second half of 2021 has seen us build on the successes of the first half of the year. In 2021 the CubeLogic team has worked across over eighty different client projects and consulting assignments (a record year). These have been our usual mix of activities ranging from ad-hoc consulting to multi-year implementations and everything in between.
The year has seen continued growth in our Trade Surveillance capability and customer base, along with yet more refinement to our Market Risk capability. These are all underpinned by significant growth in the volume of Credit Management projects undertaken for both new and existing customers.
We are now in the position that almost all our customers are running version 7.x of RiskCubed with plans in place for the upgrade of the remainder. Work has commenced on implementing our latest 8.x version to new customers and upgrading current clients ready to take this latest step.
This has only been achieved through the significant steps we have made in improving our delivery capability through 2021. This is reflected in the depth of the portfolio of activities we have undertaken in 2021. However, there is still more we can, and want to, improve. We have even greater plans for 2022 to further support and develop the CubeLogic team and continue to refine our delivery approach.
During 2021 we have also refactored our CreditExpress offering. This has seen a greater clarity the core functionality along with a menu of available add-ones. We have also streamlined and refreshed the delivery components to ensure a more rapid, contained, delivery model.
Robert Anderson Joins CubeLogic as Strategic Advisor
As of December 2021, Robert Anderson, Executive Director of the Committee of Chief Risk Officers (CCRO) has joined CubeLogic in a non-executive capacity in order to further our strategic vision. As a veteran of the energy and commodities risk community, Robert has deep market knowledge, experience, and expertise in both regulated and deregulated energy markets. In this role, he will provide insight and input into CubeLogic’s product and sales strategies as the company looks to continue its successful growth trajectory. Read more.
Swansea Office opens its doors…
We are pleased to announce that as of August 2021 we have officially opened the doors to our brand new office space in Swansea, Wales. This expansion creates a number of new roles in order to meet our longer term goal of having local development capability for our backend development team. In addition to our increasing development team we will be using this office for improved 24 hour time zone support to improve global coverage.
Upcoming Product Release
RiskCubed, Credit Risk Version 8.2
CubeLogic is pleased to announce the forthcoming release of RiskCubed v8.2 – due for release in the coming weeks. RiskCubed v8.2 is a minor version upgrade, building on the architectural updates made in v8.0 and v8.1 to provide a new look & feel for the system and important additional functionality requested by clients.
The most striking change in RiskCubed v8.2 is a new style for the application. This builds on the updates to user interface technology that were made in v8.0 and the changes to the page header introduced in v8.1. The new styling aims to improve consistency and accessibility across the application, as well as giving RiskCubed a modern new look. Beyond the initial visual changes, we have done a lot of work to optimise the application’s ability to respond to different font scaling and screen sizes; removing issues with poor arrangement of interface elements and multiple scroll bars that could appear in earlier versions in some circumstances.
More Limits Features
V8.2 continues to build out the limits screen introduced in v8.0, going beyond the core limit coverage to a full implementation of features that are important for specific use cases. V8.2 will introduce support for volume limits, the setting of limits based on available Letter of Credit or PCG coverage and the ability to separately manage Headroom limits that go beyond assigned Overall limits.
There are further enhancements to the limits functionality planned in 2022, including enhancements to limit validation (“4 eyes”) processes and support for delegations of authority. If you have needs in this area, your CubeLogic account manager will be happy to discuss how these can be met.
V8.2 introduces a new mechanism for managing user authentication. Initially the objective of this is to provide additional authentication mechanisms for clients using CubeLogic’s API suite, allowing configurable access with industry best practice security. These changes also open up further options for authenticating users of the web portal, which we will be opening up in v9.0.
Multiple Level Collateral
In v8.1 of RiskCubed, we made changes to allow trades in the system to be modelled as a more detailed heirarchy than had previously been supported. This augmented the previous Contract & Trade structure with a heirarchy supporting further subdivisions of contracts into shipments, parcels and cashflows, though for clients who don’t need this level of breakdown the existing structure will continue to work.
In v8.2 we continue this change by enabling collateral to be mapped against exposures at any of these levels, with collateral positions with broader application taking into account the impacts of more specific collateral. The new release will also incorporate many small bug fixes, usability improvements and small client requested enhancements made initially on earlier versions.
In other news…
The CubeLogic Office Bake Off!
On Monday 29th December, the Cubelogic team in London took part in an office bake off competition. We had an excellent selection of sweet treats baked by our very talented team! The baked goods included a lemon and poppy seed cake, giant chocolate chip cookies, chocolate fudge brownies, lemon and basil shortbread and a carrot cake. However, the winning bake was from Alexandra Dediu who made a delicious Amandina cake, this is a soft chocolate cake with rum syrup which originates from Romania! Congratulations to our star baker and everyone else who took part.