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