One approach that is helping organizations to succeed is an innovative twist on enterprise risk management (ERM). Once thought of as a defensive or compliance activity, ERM has been repurposed by smart organizations to manage and capitalize on disruption. All businesses, large and small, need and will benefit from a next-generation ERM program that is integrated into their daily decision-making processes. This is why companies like Tracker Networks were born.
“We help companies to survive and exploit disruption by exposing and managing strategic threats and opportunities— helping them to be more innovative and also to protect what matters most to their business,” begins Roger Mahabir, Founder, Chairman and CEO at Tracker Networks.
Tracker Networks has developed an innovative and advanced next-generation ERM software solution that helps boards, executives and their management teams to balance opportunities and risks in a way that maximizes company performance. A large part of what makes the solution unique is the speed and ease with which it can be implemented, with benefits achieved.
Enterprise risk is part of the planning and oversight processes done by boards, executive teams and business managers. Complicated software packages are not a good fit for this audience. In contrast, Tracker Networks’ solution is purpose built for ERM. It superbly masks its underlying sophistication with intuitive, easy-to-use screens and workflows that guide business users through the risk management process.
An affordable and flexible pricing model allows smaller organizations to get started with a single user and to leverage ERM content, best practices and industry data provided by the tool. More mature ERM programs will benefit from additional modules that can be turned on as needed (e.g. Risk Appetite, Strategy and Opportunity Management, Risk Voting, Risk Bow Tie diagrams, History and Trending, Scenario Analysis, Quantitative Risk, Root Cause Analysis and more). Furthermore, Tracker Networks’ software platform has integrated artificial intelligence (AI) to analyze risk indicator data and uncover bias in the risk assessment process.
The Tracker Networks’ ERM solution redefines risk management by transforming it from a point-in-time activity to a continuous process. “The fact that our solution exposes continuous updates makes us unique,” states Mahabir. “Our users tell us that their boards and executives now have up-to-date insight into how business opportunities and risks are being balanced.”
Tracker Networks recently assisted a large North American public pension fund manager to reinvigorate their ERM program. The client had realized limited benefits from an existing compliance software package. They wished to realign their program to focus on strategic opportunities and disruptive threats. “Our ERM solution was selected through a competitive process and proved to be an excellent fit, especially for their business and executive users who appreciated the intuitive screens and workflows,” says Jason Doel, COO. The solution has helped with strategic planning and operational decision making too.
The organization experienced faster approval of innovations, along with lower program administration and risk mitigation costs. “Our team of software and risk professionals is dedicated to helping our clients seize these strategic benefits quickly and easily,” concludes Mahabir.