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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.

ERM technology collects and consolidates disparate data from across the entire enterprise —  incident intake data, customer data, vendor risk data, claims data, financial data, and more. With all risk data in a single platform, all stakeholders can easily see, assess, and analyze risks in a cohesive way.

2. Illustrates risk relationships across departments for enterprise-wide visibility.

One of the most valuable benefits of ERM is the ability to correlate various risk events across the enterprise.

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