ERM 365

2011 Risk Mgt. Survey Results

70% - Percentage of institutions just like you who are actively seeking alternatives to managing risk on spreadsheets.

60% - Percentage of directors surveyed in 2011 that do have enough data to effectively oversee risk within their institutions.

400 – Number of institutions that have failed since 2007 due to poor risk management, weak controls, lack of accountability, and inconsistent reporting.

So what do these numbers have in common? They are all reasons you need to make a change to how your institution manages risk. Nearly all of our clients have started their risk management programs using spreadsheets, word documents, or homegrown solutions. While these tools helped check a box, they will not hold up to the increased regulatory scrutiny that all institutions are facing today.

These manual based methods often lead to inconsistent reporting, lack of version control, and data housed in many different silo’s and formats. Not to mention the time it takes to send these documents around to various departments, retrieve the data, and then roll it up into a meaningful report that senior management can understand.

While these tools may have gotten you this far, they cannot be sustained for the long term. The longer you go without making a change, the more difficult managing risk will become and the more regulatory scrutiny you will face. What you really need is automation to make you more efficient, effective, and compliant.  

Getting you there is what we do best. That’s why over 100 institutions like you have switched from using spreadsheets to utilizing automation for managing risk. So how do we do it?

1 – We provide you with dedicated specialists that will convert your existing risk documents, spreadsheets, and risk assessments into a web-based solution, ERM 365.

2 – We train your staff on how to use ERM 365.

3 – We provide ongoing support 365 days per year to ensure your success.

The question you need to ask yourself is…are you comfortable with the status quo or are you willing to make a change?  Change is not as time consuming and costly as you may think. The time consuming part of conversion is on us. All you pay for is the automation that includes features like a central database, alerts and notifications, trend analysis, and dashboards.

Starting at $291 per month, at what point can you afford not to change?

Can one ERM solution fit all your needs?

If your institution is in the market for an ERM solution in the near future, I’m sure you have requirements that need to be met. Depending on your size and lines of business, you need a solution that is flexible, scalable, and customizable based on how your institution operates.

The problem our clients face when evaluating other solutions is that they each have their own unique methodology to assess and manage risk. While that may work for a few institutions, it’s like trying to fit a square peg in a round hole.

That’s why our approach to managing enterprise risk is completely different. We realize that each institution has different needs and are at different stages in their ERM program. Some have done very little, while others have a robust ERM process needing only some automation to improve it. And that’s where the flexibility of ERM 365 comes in.

We didn’t want to force you into accepting our methodology. Instead we created a solution that is completely customizable based on how you operate. If you are creating a program from scratch simply utilize ERM 365’s library of over 400 rules and risks to build your program. Looking to automate your existing risk assessments or spreadsheets? What about monitoring exam or audit findings? ERM 365 can handle all of it and just about anything else you can think of that needs to be assessed or monitored…even policies and procedures.

So can one solution fit all your ERM needs? We believe it can and it’s called ERM 365. Unlike other companies who offer ERM on the side, it’s our only focus.

I realize seeing is believing, so sign up for a live demo today and see what ERM 365 can do for you.

The foundation for your ERM program - Your policies & procedures!

Many institutions have been advised from their regulators to have an ERM program in place. Whether or not this has been the experience for your institution, I don’t know. But let me tell you with 100% probability that you already have an ERM program in place and just don’t know it.  Rather than having the “ERM” label, yours most likely reads “Policies & Procedures” and is collecting dust on the shelf.

Your policies and procedures already guide the course of what your institution should be doing and how it should be done. They help employees understand their individual roles and responsibilities and more importantly, manage risk.

Does your institution see value in its policies and procedures? Are they reviewed and updated regularly, beyond board or regulatory requirements?  If so, then the foundation of your ERM program is on solid ground.

Now you just need to build on that foundation and ensure the business objectives (rules) within those policies and procedures are being met in order to effectively manage risk.  One way to build on that foundation is to consider using automation and technology for your ERM program.

So don’t get stressed out about your ERM program and think you need to spend big bucks. Use what you have as the foundation, and build upon it. So when your regulators ask to see your ERM program, tell them you already have one.  Dust off the policy binder and give it to them. It may not have the pretty charts and dashboards but it’s a start.  

Defining ERM - What does it really mean?

So what does ERM mean to your bank or credit union? I’m certain if I were to survey a group of institutions and ask them to define ERM, the responses would vary.  Some think ERM is all about compliance or risk assessments. Others are more focused on financial ratios, capital requirements, or the quality of their loan portfolio. 

The reality is ERM does encompass all of those items, a very large scope indeed. Don’t forget to add everything else your organization is responsible for like vendor management, business continuity, and deposit operations etc.  ERM is all about managing risk across the entire enterprise and is not reserved for one specific silo or line of business. 

Starting to feel overwhelmed? That’s the bad news! The good news is that you probably already have many of the components of ERM in place. The disparity arises when those components are not in one consolidated system.    

That’s where ERM 365 can help. ERM 365 can consolidate all of your risk assessments, compliance checklists, financial ratio’s etc., into one centralized solution to optimize your ERM program.  The system also includes some really cool features like email alerts, notifications, and management dashboards that make managing an ERM program as easy as 1-2-3.

If you are looking to implement an ERM program or automate your existing process, call us today at 610-265-1002 to schedule a demo.  The ease of use and value provided by ERM 365 will certainly bring good news to your institution.

ERM - Easy as 1-2-3!

Rule of thumb:  It takes a lot more effort to make a product simple.  Across all professions and walks of life, we tend to praise those who “make it look easy.”  And for good reason; when a product designer takes the time to get it right, we all benefit from his efforts.  I think Steve Jobs said it best when he declared that his products should, “just work.” 

Of course, not everyone follows this line of thought.  Microsoft adds dozens of new features with each version of its Office suite.  They are looking for reasons to sell you something new (but not always better).  How many of these features do we really need or use?  I know a few people who curse the day the “track changes” feature was brought into existence.

When we started work on ERM 365, we knew we were entering an area fraught with complexity and confusion.  But we saw more than just a challenge, we saw a great opportunity to help institutions.  We set out to make a tool that would work for both the “too big to fail” crowd and the 3 person credit unions.  We concentrated on you… what you wanted to see, how you wanted to see it, and how easily we could make it all happen for you.

Three things were always in the back of our minds:

1. Keep it intuitive
   If you need a manual, we didn’t do our job.
2. Don’t be a jack of all trades.
   Don’t throw in the kitchen sink just because you can.
3. “Just the facts Ma’am.” 
   Present exactly what the client needs, and only as needed.

Long story short, we did it.  Interestingly, I’ve had a number of people admit to me that they really didn’t understand ERM (Enterprise Risk Management) or risk monitoring until they saw ERM 365.  That’s a game changer.  And, we’re proud to be the ones who made something so seemingly complex — so simple. In fact, I recently had several customers tell me – you made ERM easy as 1-2-3.