Business Propulsions Systems Inc. has upgraded its platform for operational risk, audit and regulatory compliance management for financial institutions.

BPS Server version 5.1, released this week, includes better modeling capabilities, an improved user interface and more sophisticated customization, officials with the Canadian company said.

Among the new functionality is the ability to extend objects, such as risk, controls, tasks, issues and remediation plans. In addition, users can create, import, design and manage multiple organizational structures within the application to classify risks for better reporting.

Users can also customize which events the system's audit trail should capture and how. The platform's reporting capabilities have been enhanced through the use of technology from JasperSoft.

"With version 5.1, we aim to answer our customers’ demands for a highly tailored, comprehensive and intuitive system that reduces the compliance burden while delivering a return on the risk management investment," Mark Opausky, chief executive of BPS, said in a statement.