Good solution that meets our needs

We have multiple organizations working on a large, multi-year shared program. Tool is used to manage the shared enterprise risks; all orgs have access and use it to review and document progress to mitigations. Also use the tool for other internal risks; the added feature to allow segregation of risks by org or people is helpful.

Pros

Easy to use and onboard my staff. Did not need a lot of education on how to technically use and navigate the software. Functionality to capture the risk with pre, post mitigation and events is helpful for staff to think through what is important to document for a risk. Appreciate the functionality for risk velocity and other prioritization factors; helps focus our regular reviews. Vendor is open to feedback and enhancing the solution.

Cons

Reporting is still improving; hard to change our old habits of presenting risks at a meeting without using the tool in the meeting. Like the trending of how a risk is progressing; expect in time it could be presented differently or available in different parts of the application.

User friendly & supportive team

At this time we are not solving any current problems because the software does not have the capability to provide us with management reports in dollars. Our experience with the software and the people at Tracker Networks has been excellent. Once reports are generated that are useful to the Board, and our regulators, we will be able to cease using an excel spreadsheet for our risk register. Until then we will continue to populate and manage the manual process - so, unfortunately, we are doubling our work effort.

Pros

I like that the software is very user friendly. I can navigate easily. The sorting capabilities are appropriate for our business. Whenever I run into a situation customer service promptly investigates and provides guidance. So far we have been using a risk register designed on a spreadsheet. The Bowtie format has made us think about the root cause and mitigation more specifically rather than a broad view/approach.

Cons

For our business, the Board want us to quantify the risks and impact to the business in dollars. For us to be able to successfully implement using Essential ERM, we need to be able to produce various reports with dollars. ie Top 10 risks; Summary report of all risks; Risk Category; Key Measures Report (which is required for reporting to the regulators).

Easy to Implement for ERM Beginners

Using the software gets you out of using spreadsheets, which is a definite plus. The ability to link risks to objectives is important for executives. The support for Essential ERM has been extremely responsive to questions.

Pros

If you don't have any existing ERM processes, Essential ERM is a great way to jump start a consistent method for identifying and managing risks in your organization. It is easy to use and encourages true understand of the risks so you can address the reason the risk exists, not just the consequence.

Cons

The software is harder to use if your organization has an established process or methodology, as the system has limited customization available. Ensure that the way the software is built will fit your organization and its needs.

Essential ERM

Pros

- User friendly - Great Bow-tie functionality - Great pricing

Cons

- Reporting functionality needs to be developed more - KRI functionality missing

Optrimizing Risk information

Trying to get a handle on management risk information from across differing entities in the organization proved to be a challenge. The solution was simple to use, efficient and great at reporting. Made an impact on communicating risk information.

Pros

Ease of use, flexibility, cost, user interface, support team and the innovative mindset of the developers

Cons

Integration with other assurance functions and reporting seems to be evolving and is still new

Tracker Business Partner review

The business problems we are solving with ERM is creating engagement with our teams who have responsibility for assessing and documenting risks within our ERM process. Those with little prior experience in SOX or other types of risk evaluation find the tool intuitive, logical and provides the ability to link the outcomes in a more streamlined and visual fashion.

Pros

The Essential ERM Software is an intuitive dynamic tool that takes a relatively complex subject area and allows the user to simplify the process of risk assessment, quantification and tracking of identified risks. this has been a big help to our team as we look to expand the knowledge base and accountabilities of our team as we look to embed ERM into our orgainzation.

Cons

At this point we have not identified any significant issues or challenges with the software. The Trackers team has been great at taking feedback and incorporating changes to the product where it makes sense.

A solid, intuitive, developing risk management tool

The customer service, particular from our Account Manager, has been excellent

Pros

It's user-friendly, intuitive and thorough. Everything works as you should expect, and the risk process has a very good flow.

Cons

As it is a developing piece of software there are some features that are still to be added, such as the reporting capabilities, but the response to ideas and queries has been excellent, and I'm confident things will continue to grow/improve!

Essential ERM - Your company's 1 stop for everythign ERM

Very happy with the tool! Essential ERM helps automate the process which people go through to identify, prioritize and manage the risks of their organizations. It allows both the risk function as well as the front line to understand the ERM framework and provide useful insights. Looking forward to the integration of voting coming soon!

Pros

Intuitive, easy to use design allowing for very easy customization. Some of the top selling features: -Real-time, web-based and accessible world-wide -Allows users to create and prioritizing custom risks -Automatic follow-up on action items -Automatically creates adjustable and comparable risk heat maps - Uses ERM best-practice a bow-tie approach for individual risks

Cons

Some functionalities still under development, but this does not alter our use of the tool.

Essential ERM software review

Great.

Pros

Methodology - Bow Tie. Voting capability. Risk event views. Reporting views. Ability to see and address gaps

Cons

Big issue - If I have the same action repeated for several risks it shows up as different actions. Minor issue - Lack of printable /sharable risk event view (when needing to share outside of software, e.g. in a meeting)

Essential ERM implemented a solution and engaged more like a partner than a supplier.

We wanted to formalize and create a structure for our risk management process that engaged teams across the organization to easily & effectively add/change/delete risk events, and both assess and manage risk. Essential ERM has proven to be a very cost-effective and adaptable tool to achieve our goal. The company understands the needs of the not-for-profit sector and have been very committed to our success.

Pros

The software is flexible in meeting our needs and growing with us, as well as encouraging collaboration across our organization. While Essential ERM does provide great training and support, the software is intuitive and easy to pick-up.

Cons

We are relatively new users, and have not found any issues of concern.

Essential ERM provides what is needed

I am using Essential ERM in support of my consulting practice.

Pros

This software is simple while providing the essential requirements to enable leaders to identify and manage risks, adding valuable insights to help them be more successful.

Cons

Creating and maintaining a valid value added risk assessment is challenging. Leaders and teams often struggle to identify and describe risks in ways which add value. Libraries and industry data can provide management with a reference point and in identifying "blind spots". Effective risk management is being able to consider the unlikely and undesired, biases get in the way. Essential ERM provides a solid database. Management may face bias challenges.

Essential ERM is an essential tool for any organization to manage their ERM outside of spreadsheets.

Pros

The software is seamless, very easy to implement and extremely user friendly. There is no clutter and any complicated functionality. Very easy to configure and has very good reporting options.

Cons

The product needs more reports, but I am sure they are being developed and will be part of the upcoming releases.

Essential ERM Review

Pros

Ease of use, User friendly Easy to create risk categories Easy to conduct analysis

Cons

Some of the features are under development. Although, the development team is very recptive to suggestions

Simple and productive software for ERM professionals!

Pros

The software was easy to use and update information.

Cons

Doesn't integrate with GRC systems (it wasn't designed to!)

Easy to understand, easy to access, extremely valuable as a management tool

Extremely useful and accessible tool

Pros

Professionally done. Connects with what Risk Management needs. And as noted above - very easy to understand and access

Cons

Haven't used it enough to determine how "real time" customer support is. But overall, Miles and his team have a great Risk Management tool here.