ERM 365: FS Vendors’ Product of the Week
Please give a short bio of your company
FI Compliance Solutions was formed in 2008 with the sole purpose of providing industry leading enterprise-risk management (ERM) and compliance solutions specifically for financial institutions. Our first product GRC Pro was launched in 2009 and has been completely revamped and renamed to ERM 365 in early 2012.
What is your product or service?
Please give a brief synopsis of the product/service
ERM 365 is a web-based enterprise-risk monitoring service providing software that is easy-to-use, service from dedicated specialists, and support to guaranty the success of our clients. ERM 365 is used to help automate the risk assessment and reporting process while monitoring risk 365 days a year. ERM 365 includes many time-saving features like an expert developed key risk library, real-time dashboards, and automated alerts and notifications. An optional compliance toolkit also provides additional resources giving everyone in the institution access to ask the expert compliance advice, compliance knowledge base, policy and advertisement review, compliance manual, weekly compliance newsletters, regulatory updates, and webinars that have been approved for CRCM credits.
Why would a bank or credit union use your product/service?
- To reduce costs and save time in managing enterprise risk.
- To recieve automated notifications when risk across the institution changes.
- To simplify board and senior mgt. oversight of the institution
- To implement an ERM program.
- To strentgthen and improve their risk profile.
- To resolve and monitor exam/audit findings.
- To reduce compliance costs.
How could you effectively use this product/service?
ERM 365 is completely customizable and can be used to conduct risk assessments, monitor key risk indicators, and ensure compliance with internal policies, laws, and regulations.
Who is your competition, and what do you do better?
Quantivate, Wolfpac, Supernal, along with homegrown solutions that are developed internally using Word and Excel. What makes our solution stand out is the level of support and responsiveness to our clients needs. We assign a dedicated senior business advisor and an implemetation specialist to every customer in order to automate their existing risk processes and customize the solution based on their specific needs.
Are there different pricing levels? Do you offer a free version?
Pricing for ERM 365 is primarily based on asset size.
When was the product/service officially launched?
What is the number of current users? Estimated yearly growth?
460+ current users, adding 90-120 new users every year.
What type of help support is offered?
Unlimited implementation and conversion services, support, and product training are all included with the annual fee.
What else is interesting about your product/service?
Mainly the fact that is was designed by bankers. We spent alot of time talking to prospects and customers about what they wanted in a solution and how to design it. The end result was a simple to use interface that allows clients to effectively start using the product right out of the box with minimal training.
Posted on July 16, 2012, in FS Vendors, Product of the Week and tagged Compliance, ERM, ERM 365, FI Compliance Solutions, FS Vendors, Product of the Week, Risk Management. Bookmark the permalink. 1 Comment.