You know a strong Enterprise Risk Management program is an integral part of making smart and safe decisions in your organization. This might mean that your business has invested in an Enterprise Risk Management software to help organize your program and create efficiencies around Vendor Management, Business Continuity Planning, Regulatory Compliance, and Information Technology risks you face every day.
Unfortunately, not all ERM programs are created equal. Here are a few questions you'll need to ask to understand if your ERM software is going to support your organization as you grow.
Are You Adding Headcount?
This is a great marker for organizations that are investing in the future. An organization that is putting money and time back into the business understands that they're in it for the long haul, and that means you will be able to utilize their services for a long time.
When Was The Last Major Product Update (and why)?
We aren't talking about bug fixes or a tweak here or there. I mean big changes. Redeveloping and revolutionizing their offerings means that while they could sit back and keep selling the same old software, they want to be sure they are up to date and still in-tune with the needs of your industry.
It's also important to think hard about what product updates are being made, and how they are helpful to you. If those changes don't actually provide value to you or your team, you can be pretty sure they aren't using their client feedback to make a solution that fits your organization. The value should be clear and worthwhile - otherwise it's just changing to keep up, not changing to get ahead.
What size businesses do you currently support?
For many companies in the business of banking, a change in your asset size will alter the regulatory requirements that you need to be in compliance with. Having an organization that can support startup banks, community banks, and DFAST banks means it's a partner that you can use as your business grows. They're doubly valuable in that not only is their software viable given your changing regulatory and strategic needs, but they have experience that you can use as you're organization evolves. As long as you have a partnership that supports collaboration, it's a benefit you would do well to take advantage of.
Looking for a few other questions you might want to ask your ERM provider? Check out our article, Questions You Should Ask When Purchasing Enterprise Risk Management Consulting Services!