Press release no 11-2022
Copenhagen, July 8, 2022
Konsolidator receives ISAE 3402 certificate
Konsolidator has received an International Standard on Assurance Engagements 3402 (ISAE3402) report, which is an internationally recognized standard that provides assurance to an organization's customers that the organization has adequate internal security controls.
An external auditor has examined the effectiveness of the internal controls and risk management activities in place. The audit statement documents that Konsolidator meets the auditor’s expectations for all controls in scope.
Maximum safety against IT threats
Konsolidator started working on the ISAE3402 certificate in 2021 with a plan to finalize the initiative in Q3 2022.
The ISAE3402 is a type I report that documents a snapshot of Konsolidators internal security controls. Every 12 months, a report that documents and evaluates the previous 12-month period will be developed.
In addition to the ISAE3402 report, Deloitte performs a yearly penetration test to ensure maximum security of the data in Konsolidator.
The strategic and financial impact
The ISAE3402 report is fundamental for fast international growth and a requirement from audit firms to ensure that the financial data being handled is secure and can be trusted. As a cloud software provider with standardized software, Konsolidator® and Konsolidator Audit® can be audited for all users at once, whereas on-premise solutions typically need to be handled by each customer at their own expense. This report will therefore help customers save time and cost and differentiate Konsolidator from other providers. Hence the report is an important part of Konsolidator’s growth strategy but does not have an explicit financial impact.
CEO, Claus Finderup Grove comments;
“The ISAE3402 report is a declaration of our security level and an expression of the credibility linked to our software. In financial software sales, this declaration is an important parameter as it serves as a quality criterion that differentiates us from competitors, like on-premise software providers. As our software is standardized, we can investigate and implement the necessary security measures for all customers at once with one ISEA3402 certificate, as opposed to performing separate ISAE3402 reports for each individual customer if the software was customized to each of our users”.
Contacts
- CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
- CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com
About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL
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