Enterprise Risk Management (ERM) is an enterprise-wide process that identifies, assesses, and manages all key risks. The goal is to generate value for all stakeholders. Based on this definition, the chapter outlines the key success criteria of modern risk management. We learn what needs to be paid special attention to in practice to leverage the potential of ERM and create maximum value. In particular, we discuss that financial risks are not the most critical risk category for most industries. Furthermore, a positive risk culture is supported when historically established “risk silos” can be overcome. Risk managers need to establish a uniform ERM language across the company. Companies must understand ERM as an integral part of strategy development, execution, and decision-making. Then, ERM is capable of unfolding its value-generating potential.