The Challenge
Farmers Mutual Hail (FMH) used Excel ® to document their Enterprise Risk Management (ERM) and Strategic Planning process and struggled with the amount of time and effort required for this process to be effective. FMH had a large accumulation of data in Excel making it difficult to report, print and present material to risk owners and the management team. FMH needed a software solution to improve the efficiency of their ERM and Strategic Planning process and to provide risk owners and management timely, accurate, and comprehensive information to improve their business decisions.
The Solution
FMH selected Resolver’s Intelligent Audit, Risk & Compliance software: GRC Cloud. They selected this single platform to manage both their ERM and Strategic Planning programs with great success. “GRC Cloud improved the overall efficiency of our ERM process by close to 50%,” said Julie Salazar, Senior Accountant at FMH. “By using GRC Cloud, people across our company now have access to all appropriate risks. When something changes, everyone who needs to can immediately see the change. This also helps significantly with data quality because there is less opportunity for data to be unaccounted for using GRC Cloud.”
The Results
Current, Efficient & Accurate Documentation
It’s much easier for Risk Owners to make updates and manage their risks on a regular basis when there is a consistent location and format in which they reside. GRC Cloud allows FMH users to organize risks by location and/or by scoping item. Their risks, processes and controls are then automatically updated as data changes in the system. The result is improved efficiency, accuracy and visibility.
Quick Reporting
Compared to Microsoft Excel ®, where a user is forced to spend a lot of time manually rearranging data, GRC Cloud is exceptionally more efficient. It’s easy for FMH’s team members to log into the site, create custom reports from real-time data and share them with others. Unlike Excel ®, GRC Cloud allows FMH users to easily filter their data directly in the site instead of having to manually sift through all of their data.
Relevant Reporting, Tailored to Their Needs
Our Client Services Team tailored all reports to suit FMH’s needs. In particular, the structure and design of the reports allow for the appropriate information to be shared with the appropriate audience within the company. From there, users are able to edit the reports to display only what they’re looking for. This precision allows Risk Owners to access and present only the necessary information with the required level of detail so as to not overwhelm the management team with irrelevant information.
“The entire Resolver team has been incredibly helpful and responsive. They do a great job of addressing our team’s concerns in a timely manner. Everyone, from the delivery team to the support staff, was very responsive and did a great job of helping FMH adjust to their specific needs.” — Julie Salazar, Senior Accountant at Farmers Mutual Hail
