CV Check Ltd (ASX:CV1) has entered into a binding Software‐as‐a‐Service (SaaS) agreement with Hireup Pty Ltd, Australia’s largest national disability insurance scheme (NDIS) registered online platform.
The binding SaaS agreement is for the provision of real‐time compliance monitoring via its core product Cited, including identity verification and is expected to be worth more than $350,000 per annum.
CV Check plans to expand Cited globally to meet the growing demand driven by the growing awareness of the need and benefit of worker compliance monitoring.
"Imperative for all workplaces"
CV Check CEO Michael Ivanchenko said: “We are honoured to be partnering with Hireup. Being selected to provide their carer compliance monitoring and management is further confirmation of the flexibility of CV1’s solutions.
“Already used across mining and construction industries, the specific requirements of Hireup’s carer workforce are accommodated without any modification to the platform.
“With the increasing speed of legislative requirements and increase in officer and organisational liability, the need for accurate, timely personnel compliance verification is now an imperative for all industries and workplaces.
“Cited automates the current manual and often disparate approaches used by most companies while simplifying the economics of adoption."
Critical role in compliance management
Hireup co‐founder Laura O'Reilly added: “CV1 will provide a critical role in compliance management and monitoring for Hireup.
“Hireup is committed to delivering an excellent user experience, and the team at CV1 demonstrated they have the same drive and focus.
“We are looking forward to partnering together with CV1 to deliver a great user experience for the Hireup community.”
SaaS deal
Under the agreement, CV Check will provide real‐time compliance monitoring, including identity verification and recurring screening, to Hireup’s carer workforce via its Cited platform.
The platform combines certifications and compliance data with business policy and legislative requirements to generate real‐time compliance information and business intelligence.
Adding to CV1’s market‐leading position in pre‐employment screening and credential verification under the brand CVCheck, the advanced real‐time monitoring technology in Cited takes advantage of the long-standing operational experience in the group to provide a solution that is focused on each individual worker’s compliance requirements in an organisation to produce personnel compliance visibility that is specific to their role, industry or location.
The initial contract has no conditions precedent, commenced on execution, and is for a term of three years, with Hireup having the option to end the contract after 12 months.
Fast‐growing RegTech market
The selection of Cited by Hireup comes immediately after the announcement of the completion of integration of Bright People Technologies into CV Check.
It is further confirmation of the applicability of Cited across industries including, but not limited to, mining, construction, health care and white‐collar sectors; making it applicable to every one of Australia’s workers before considering the clear global opportunity.
The global RegTech market is valued at US$10.4 billion and growing, according to a report by research firm GRC 20/20.
The increasing speed of regulation change and simultaneous increase in financial and reputational exposure for officers and organisations is driving the adoption of integrated RegTech solutions.
GRC 20/20 also found that 93% of organisations that adopt integrated RegTech achieve or exceed the desired benefits.
CV1’s Cited product provides real‐time compliance monitoring without increasing worker administration.
More than half (52%) of the executives surveyed in recent research by Thomson Reuters (NYSE:TRI) expect expenditure on compliance to increase in coming years with the regulatory change expected to be the top compliance challenge moving forward.
Within Healthcare alone, the American Hospital Association reports that US hospitals spend $39 billion every year on compliance and employ on average 59 full‐time employees to monitor and meet those requirements.