This chapter explores the evolution of Risk Management (RM) as a strategic competence for corporate value creation and resilience. The foundations of risk are introduced through established categories and leading frameworks such as ISO 31000 and COSO ERM, which define RM as a structured and iterative process embedded in governance and decision-making. Special focus is placed on ESG risks, whose systemic, long-term, and interconnected nature distinguishes them from traditional risks and makes their integration into Enterprise Risk Management increasingly necessary. Climate change, biodiversity loss, human rights, and governance failures are highlighted as emerging challenges that directly influence corporate competitiveness, investor expectations, and regulatory priorities. The chapter shows how RM has shifted from a compliance-oriented function to a strategic lever, positioning sustainability at the core of risk culture and ensuring long-term resilience, innovation, and corporate reputation.