Essential ERM by Tracker Networks is a cloud-based business intelligence (BI) solution that caters to midsize organizations such as banks, credit unions, consulting firms and more. Key features include internal controls management, risk assessment, action workflows and dynamic heat maps.
Essential ERM offers risk reports in the form of bowtie graphics, which helps users to view risk scenarios that link possible root causes of problems, pre and post event mitigations, risk events and potential consequences. The solution also allows users to align risks with strategic objectives and specific business outcomes.
Additionally, Essential EMR includes a timeline explorer that gives users information about their open action plans. It also features automated reporting roll-ups, root cause tracking, risk voting and data collection functionalities.
Services are offered on a monthly subscription basis that includes support via phone and email.
Raaj from PwC
Employees number: 10,000+ employees
The software was easy to use and update information.
Doesn't integrate with GRC systems (it wasn't designed to!)
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.
The product needs more reports, but I am sure they are being developed and will be part of the upcoming releases.
Navin from Accounting
Employees number: 201-500 employees
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.
Ease of use, flexibility, cost, user interface, support team and the innovative mindset of the developers
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.
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.
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).
Steve from The Commonwell Mutual Insurance Group
Employees number: 51-200 employees
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.
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.
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.
Urooj from LifeLabs
Employees number: 1,001-5,000 employees
Ease of use,
Easy to create risk categories
Easy to conduct analysis
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!
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
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.
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.
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.
Bill from Chartered Professional Accountants of Ontario (CPA Ontario)
Employees number: 201-500 employees
Extremely useful and accessible tool
Professionally done. Connects with what Risk Management needs. And as noted above - very easy to understand and access
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.