Management of the organization’s risks is of utmost importance in reducing the negative impact of risks, and also to value-add. This benefit of risk management is sometimes neglected by companies. However, proper risk management can indicate that the organization provides better quality to its customers. An example of value-adding can be seen by the implementation of Six Sigma, a strategy designed to improve manufacturing efficiency. In doing so, the organization reduces defects and wastage, improving process efficiency. Six Sigma is but a strategy that manages the risk in one aspect of an organization’s operations. In order to manage, as far as possible, all risks that affect the organization, a comprehensive Enterprise Risk Management System is required to aid management to allocate its resources to optimize the balance between value creation and risks.