Currently, in order to update the K2 service account password you must choose the "Configure" option. "Configure" touches many parts of K2 that are unnecessary for a password change and can unintentionally alter various environment settings. Additionally, after running a "Configure", you must reapply fix packs or cumulative updates. This is a lot of risk and extra work for a simple password change.
Adding a lightweight password update option that would not affect other configurations or require the reapplication of fixes would make this process much simpler, especially as password rotation policies are becoming more commonplace.