The business world that continues to grow requires companies to be able to make decisions related to risk and to manage the risk within limits set by the company. This study tries to obtain empirical evidence related to the effectiveness of Enterprise Risk Management (ERM) implementation on firm value. Panel data with the period of research data collection from 2013 to 2017 in manufacturing companies listed on the Indonesia Stock Exchange are used as the data type in this study. The data used in this study are also quantitative data sourced from secondary data, namely annual reports and financial reports obtained from the Indonesian Stock Exchange. This research shows that the implementation of the effectiveness of ERM implementation has a positive effect on firm value. The ERM implementation in the company is carried out to prove that the managers of the company are trying to protect the interests of stakeholders. In this research, it is proven that the ERM effectiveness implementation has a significant positive effect on the firm value. The evidence confirms that the effective implementation of ERM in a company is believed to give a good reaction to the company performance. So, it will impact the increase of firm value.