Fair Isaac Corporation - FICO STOCK NEWS

FICO and Whistic have entered a partnership to enhance vendor risk management. This collaboration combines the predictive capabilities of the FICO Cyber Risk Score with Whistic's proactive platform, allowing organizations to better assess vendor risks. The FICO Cyber Risk Score analyzes various cybersecurity data signals to provide insights into risk profiles, helping companies make informed decisions and improve efficiency in vendor management.

Both companies aim to transform how organizations evaluate and manage vendor security, benefiting current and prospective clients.

FICO (NYSE: FICO) will host a free virtual financial education event in Atlanta on August 13, 2020. This initiative is part of FICO's 'Score A Better Future' program aimed at enhancing consumer understanding of financial health and credit scores. Attendees will benefit from expert insights on FICO Scores, which influence over 90% of lending decisions. FICO has partnered with Operation HOPE for free one-on-one credit coaching sessions. The event, prompted by high community interest in a previous in-person event, reflects FICO's commitment to empowering consumers during the pandemic.

FICO has appointed Louise Lunn as the head of its new Global Analytics Delivery organization. Based in the UK, Lunn will manage data science teams across various regions, including EMEA, Latin America, Asia-Pacific, and North America. This strategic move aims to enhance innovation and expedite analytics solutions for top banks and other sectors. Lunn previously led EMEA analytics at FICO and has extensive experience in credit risk analytics. Her leadership is expected to drive the application of advanced analytics globally.

FICO (NYSE:FICO) reported a strong third fiscal quarter ending June 30, 2020, with net income of $64.1 million ($2.15 per share), up from $64.2 million ($2.12 per share) year-over-year. Non-GAAP net income rose to $76.7 million ($2.58 per share), compared to $75.6 million ($2.50 per share) last year. Revenue slightly decreased to $313.7 million from $314.2 million. Key segments showed varied performance: Applications revenue fell 15%, while Scores revenue surged 14%, and Decision Management Software revenue grew 22%. Free cash flow reached $99 million, significantly higher than $60.8 million last year.

FICO (NYSE:FICO) announced a new stock repurchase program, allowing the company to buy back up to $250 million of its common stock. This decision follows the completion of the previous repurchase program from July 2019 to July 2020. The open-ended program permits share repurchases in the open market and negotiated transactions, reflecting the company's commitment to enhancing shareholder value. FICO continues to leverage predictive analytics to drive profitability and operational decisions across various industries.

On July 28, 2020, FICO announced that Doug Clare, VP of fraud, compliance, and security solutions, will present at the U.S. Chamber of Commerce's Virtual Cyber Series. The series aims to address the increase in cyber threats amid the COVID-19 pandemic, focusing on securing remote workforces and digital environments. Clare will discuss assessing cyber risks in vulnerable supply chains and share best practices for third-party risk management. The first session is in Chicago on July 28 at 10:00 a.m. CST, followed by Minnesota on August 6 at 1:00 p.m. CST.

The International Bank of Azerbaijan (IBA) has successfully implemented the FICO® Siron® solution to enhance its capabilities in combating money laundering and terrorist financing. The integrated system, initiated in 2019 and executed by RDTEX, comprises three automated modules: customer behavior monitoring, risk screening, and real-time transaction screening. This initiative aims to minimize compliance risks and meet regulatory standards. IBA's managing director emphasized the importance of this solution in maintaining the bank's leadership and compliance in Azerbaijan's banking sector.

FICO and Corinium have published a report indicating a significant rise in demand for AI, data, and digital tools amid the COVID-19 pandemic. Over 100 C-level executives were surveyed, revealing that 57% believe the pandemic has heightened the necessity for AI initiatives. Notably, 63% of organizations are scaling their AI capacity, yet ethical considerations remain a major barrier for 93% of respondents. Challenges also include building appropriate teams, integrating new technologies, and managing regulatory risks. The report highlights AI's potential to enhance competitive advantages as businesses adapt to the post-COVID landscape.