hello and thanks for tuning in i'm holly shields here for kalkine media and welcome to another
edition of executive corner expert talks today we'll be exploring cv check the leading provider
of end-to-end red tech and pre-employment screening solutions internationally and
joining us today is none other than ceo michael avenchenko welcome to the show michael it's
great to have you with us thanks holly great to be here pleasure to have you on first and
foremost for the unacquainted how is cb1 helping clients create a smarter and safer workplace
so for us having a safer smarter workplace is all about ensuring you have the information
and confidence about the data about your workers about the people who are
interacting with your business to ensure that you can move forward with confidence
but also to free freeze the organization up so that they can concentrate on their core business
without having to worry about the administration and the overhead that occurs with compliance
right it sounds like efficiency is a lot a large factor there rather it it is a big part and it's
the efficient efficiency that unlocks the other opportunities so if you can get information in
an efficient timely way then you can do something with it as opposed to having a
manual retrospective process by the time you need that information it's potentially out of date
absolutely and we know that that accurate timely uh personal compliance information is really
imperative across all industries and workplaces these days so and getting more so the you know
it's a it's a really important point polly because it is the uh more and more as requirements come in
for various sectors and industries we've seen the royal commission into aged care we've seen
all of the reports in the mining and industrial sectors and the issues that uh have occurred there
all of those are alleviated by having access to reliable confident information so you've got to
be able to trust the information and you've got to be able to get it quickly 100 very well send there
and speak on your excited platform how is this helping your customers meet this need cycloped
is a custom developed platform that is actually being built after many many years of industry
experience in in compliance and knowing what is actually required in a real-world setting so the
complexity of monitored or real-time compliance is that it varies not only from location to location
but company to company or role to role and you may have one worker who actually has different
requirements for the same piece of information across different businesses or different locations
so that matrix of complication is otherwise either means things fall between the cracks or requires
tremendous manual overhead sighted solves right that is i think really important that that is uh
that is an issue that's solved it sort of bridges i think those those challenges for these this
earlier this year you signed an agreement as well with higher up for real-time compliance monitoring
of their workforce which i think really highlights your technology's success in the healthcare
industry and beyond could you shed some light on this move for us so higher up is really important
for us because not only does it actually take us into the healthcare sector we're able to win that
contract without actually modifying the platform in any way so it's exactly the same platform that
is deployed at the likes of bhp woodside and rio tinto and here we're deploying it into australia's
largest ndis service provider so all of their workers that they actually assist in bringing on
to support their customers we were able to provide that service straight out of the back or out
of the box i should say that's incredible and i think it is particularly needed in really buzzing
sectors like healthcare so that it's great to see especially um in light of everything the industry
has experienced over the past couple of years it's great that you've been able to offer that support
and the one of the key features that i'd call out is this is a requirement where you will have
these uh workers going into different people's houses every day so the it is not a case that
you can just do these checks when you bring this person into the organization they have to be up to
date they have to be monitored you know if there is a change it has to be flagged if there's a new
requirement that has to be brought on you need to capture that and enact it and they're the type of
examples of the complexity across different industries that we can handle
absolutely that is great to see overall now cpr has had a really strong march quarter in 2022 with
revenue growing over 64 so overall it seems like your three-pronged cgi growth strategy is working
could you maybe help our audience understand this strategy and how it's strengthening your revenue
base going forward certainly so we have the uh the great position that we've brought together two
successful businesses the traditional cve check pre-employment and credential validation screening
business we've brought together with when we acquired bright people technologies and the
real-time monitored compliance product means we have a couple of uh bows in the quiver if i may to
actually call upon to ensure we continue to build the business so we've got very strong performance
cv check is australia's new zealand's most known uh premier screening brand and we've seen very
good continued growth across that product hence the consolidative act of the cgi and at the same
time we want to expand the reach and in some cases actually take on an educational role in the market
about the benefits of our reg tech solution in having monitored compliance so we're in a
somewhat unique position as a technology company that we are actually funding our own development
we are successful in a deployed platform and we're able to invest in the future at the same
time that's incredible it seems like you have a really strong growth trajectory ahead of you
and you are very well placed in the industry yes oh i would absolutely say that and it's a
very good time for the red tech industry overall i think because the uh as requirements increase with
infrastructure act or awareness of other sectors that the the need and the ongoing
complexity around esg requirements for instance that compliance continues to be more and more
onerous uh on organizations and the need to actually automate it has never been clearer
absolutely now we know from studies that organizations with less than around 5 000 workers
do tend to spend more than 2 500 u.s per year per person on compliance how would you say that
cb1's diversified initiatives help in bringing down the overall compliance costs
so the uh we see that cost made up of all of the inputs that are required in an organization to
manage compliance and it doesn't actually include the indirect costs of failures or where there are
any issues but having the an organization required to manage compliance without a system such as
means that you end up increasing not only your personal overhead to actually manage those
functions but also takes away the time of the day for the individuals to provide that information so
not only is there a direct cost or overhead to the organization there's an opportunity cost
right right i think that uh that really adds up the expenses for these businesses very much so as
i say for us it's um not only is it direct saving but allowing organizations to focus on why they
exist in the first place and free freeing them up to do that we see is the key benefit
absolutely absolutely now you've been focusing on making your position stronger in the global
red tech market so we'd love to hear about your company's immediate plans for growing
the sas business and further international expansion that's potentially on the horizon
for you so it's certainly um we have very very strong international aspirations and working
with our partners that we have overseas uh already and how we can accelerate that i
will also say i think we've got a long way to go to to make sure that we optimize our
position in the australian new zealand market and that's certainly you know focus at the same time
but the solutions we provide not only do they span industries it equally spans jurisdictions so the
whether you're moving in or operating in a location such as australia where we have
very high levels of compliance requirements we still have a role to plan automating or
whether you're going to any a a market where there is very little compliance moving from
zero and up further higher up the compliance chain means we can actually get very good wins
for companies in a very short space of time to actually accelerate them up that up that ladder
right and i'd love to know how your place financially to really take advantage of this
growth that you're looking into and yeah make making the best of the growing demand as well
we're we're in a very strong position so we have over 12 million dollars in the bank where
we have no debt uh we've been cash flow positive from operations for the last the gate quarters
uh consecutively and i don't see what any reason why that won't continue
and we continue to then build the new markets and an increasing market share so all in all
operating on a very strong base of you know the financial the fundamentals of the organization
we continue to increase revenue uh we continue then to invest in expanding the product set to
to extend our market reach but also our developments are designed to assist in
taking cost out of the business at the same time so all in all we think we're in a very strong
absolutely position does sound like you're very well placed there on the financial front
so good to see you've obviously had a major year just this year alone so that is incredible now i'd
love to touch on the digital credential passport and uh when do you expect it will hit the market
so our digital uh credential passport is complete it's locked and loaded and the announcements will
be going out imminently and we see that as a real game changer because for the first time workers
will be able to store control all of the data and the privacy around their credentials who they
share it with and but be able to interact with the system in a in an efficient genuinely digital
way so the our credentials passport does actually become if you like the center piece of all of our
technology pieces moving forward and with the added unique position we have uh in the group
that in a lot of cases organizations wanting to introduce yet another app yet another
piece of technology the the question becomes how do i initially get people to download it well
to date cv check has validated the credentials of we validated over seven million credentials
since inception so and we continue to build that number at a you know an accelerating
rate every one of those people that comes through the platform be able to access their
credentials validated credentials via the passport so there's an immediate trigger why we are able to
get mass scale of our passport the other aspect that it has is a verified digital identity
increasingly in this digital age we we've all heard of the know your customer initiatives etc
and here we're now providing a similar concept that you can you have a guarantee a trusted
uh chain of information about your workers and the people you're doing business with whether that's
workers comp insurance policy or public liability or a capability that i have to be on site not only
do you have a back to source of that validated credential you have a validated digital identity
of who you're dealing with and increasingly to accelerate to entrench and just make ubiquitous
the digital interactions that we're just seeing everywhere that's a critical part
that's incredible i mean it's safe to say that cb check is ahead of the times here
and uh that digital credential passport will be a game changer we think so we're really looking
forward to it and uh very very near future when we announce it to the market absolutely we look
forward to seeing as well as well as everything you have on the horizon this year definitely keep
an eye out for that but so with that said thanks very much for making time for us today michael
and sharing your insights for an executive corner expert talks thanks holly appreciate it pleasure
to have you on the show thanks for your time as well dear viewers if you've just joined us there
was michael ivanchenko the ceo of cv check cb1 and if you missed any part of that chat you can catch
the full interview on our youtube channel here at kalkine media i'm holly shields for campaign media