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Technology is the foundation for managing risk at an enterprise level. Technology is the foundation for managing risk at an enterprise level. (Photo: Shutterstock)

Implementing an enterprise risk management (ERM) program is one of the most valuable investments a business can make — and technology is essential for success. Here are five reasons why.

1. ERM creates one central repository of data for information transparency.

Data fuels decision-making, and it can drive efficiencies but only if it’s available to you in the right form and at the right time. When data is housed in silos, it rarely gets shared, and when it does, it’s often not in the right format.

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