K Financial Releases Updated Versions of ERM and FSRA Software

On June 20, 2011 K Financial released an updated version of its enterprise risk management (ERM) software.  The upgraded application has several new and improved features that make it an even more powerful tool than before.

  • Risk Appetite Module: The updated software includes a new module for documenting and evaluating risk appetite.  Risk appetite is a key component of ERM that is highly subjective and difficult to define.  We now have a platform designed to address this challenge and enable companies to effectively identify and evaluate their “willingness” to accept certain high level risks.
  • Improved Control Scoring Methodology: The control scoring methodology has been updated and improved to make it more user friendly and simplify the process of evaluating the “maturity” of internal controls.  The updated maturity model is based on guidance from an ERM publication recently released by the AICPA.
  •  Feedback Form: Companies that use the ERM application can now submit questions, comments or other feedback directly to us via a module that is accessible from the application home screen.   For years we have received a great deal of valuable feedback and recommendations from our customers that have enabled us to continuously improve the software.  Now the process is more formalized and it is much more efficient for companies to submit feedback.

An updated version of K Financial’s financial statement risk assessment (FSRA) software was also released in June 2011, providing significant enhancements to users.