Essential ERM Software

Pros

The software was easy to use and update information.

Cons

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

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.

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

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).

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.

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

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.

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.

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.