CreditRiskMonitor Announces Appointment of Shyarsh Desai as Chief Operating Officer
FOR IMMEDIATE RELEASE
CreditRiskMonitor Announces Appointment of Shyarsh Desai as Chief Operating Officer
VALLEY COTTAGE, NY—April 8, 2025—CreditRiskMonitor.com, Inc. (OTCQX: CRMZ) today announced that its Board of Directors has appointed Shyarsh Desai as Chief Operating Officer, effective March 19, 2025 and previously reported in the Company’s Form 10-K filing on March 20, 2025.
“We are excited to have Shyarsh as our COO and are confident that his strategic insights and leadership experience in the risk, credit, and technology sectors will support our profitable growth objectives,” said Mike Flum, CEO. “Having a proven operator with such a background will help us align on customer-led product development while streamlining our operational tactics to drive efficiency and accountability. I am grateful for his counsel and perspective as we assemble our new C-suite. I congratulate Shyarsh on this appointment.”
Mr. Desai shared his optimism on the outlook for the business "CreditRiskMonitor is extremely well positioned to help organizations mitigate the financial risks associated with their trade partners. Our clients who work in Order-to-Cash and Procure-to-Pay are expecting more timely and accurate insights, much of which will be fueled by our investments in Artificial Intelligence. I am excited to execute our vision by drawing on my deep industry experience scaling businesses and driving greater efficiency in operations."
A full copy of the announcement can be found in Item 9B. Other Information in the Form 10-K at https://crmz.ir.edgar-online.com/efxapi/EFX_dll/EDGARpro.dll?FetchFilingHTML1?SessionID=qIB-kWLG-IL47hB&ID=18300122#EF20038950_10K_HTM_OTHERINFORMATION_
Shyarsh Desai Background
Shyarsh Desai joined the Company in February 2025 and was appointed Chief Operating Officer in March 2025. Mr. Desai is an accomplished leader in risk and working capital technology businesses focused on creating sustainable yet profitable growth and strong financial returns for investors. Prior to joining the Company, Mr. Desai was CEO at Carixa, a SaaS platform focused on serving the invoice-to-cash automation and receivables management needs of mid-to-large enterprises. From 2012 to 2019, he was CEO of Credit2B, an AI innovator in B2B credit decision automation, until its sale to Billtrust, where he served as Group President. Between 2007 and 2012, he held management positions at enterprise risk and compliance leaders Global Compliance (now Navex) and Dun & Bradstreet, focused on strategy, growth and business development. In his early career, Mr. Desai worked at IBM leading key solutions for the financial services vertical and later in Corporate Development within the CFO organization. He holds an M.B.A from Kellogg School of Management at Northwestern University as well as a B.S. in Life Sciences and an M.S. in Management Studies of Finance from the University of Mumbai (formally known as the University of Bombay). He is currently and has been a Director on different non-profit Boards in the education and training space.
Overview
CreditRiskMonitor.com, Inc. (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. Our primary SaaS subscription products for analyzing commercial financial risk are CreditRiskMonitor® and SupplyChainMonitor™. These products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively. Our subscribers include nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide.
To help subscribers prioritize and monitor counterparty financial risk, our SaaS platforms offer the proprietary FRISK® and PAYCE® scores, the well-known Altman Z”-score, agency ratings from key Nationally Recognized Statistical Rating Organizations (“NRSROs”), curated news, and detailed financial spreads & ratios. Our FRISK® and PAYCE® scores are financial distress classification models that measure a business’s probability of bankruptcy within a year. The FRISK® score also includes a risk signal based on the aggregate research behaviors of our subscribers, who control counterparty access to trade credit at some of the most sophisticated companies in the world. The inclusion of this risk signal boosts the overall accuracy of this bankruptcy analytic by lowering the false positive rate for the riskiest corporations.
Through its Trade Contributor Program, the Company receives monthly confidential accounts receivables data from hundreds of subscribers and non-subscribers, which it parses, processes, aggregates, and reports to summarize the invoice payment behavior of B2B counterparties without disclosing the specific contributors of this information. The size of the Trade Contributor Program's current annualized trade credit transaction data is approximately $3 trillion.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, risks associated with the COVID-19 pandemic and those risks, uncertainties and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
CONTACT:
CreditRiskMonitor.com, Inc.
Mike Flum, Chief Executive Officer
(845) 230-3037
ir@creditriskmonitor.com