This chapter outlines the relationship between value-based management and enterprise risk management (ERM). In particular, it is made clear that information from risk analysis and risk aggregation is especially relevant for modern value-based management. ERM provides the risk information that is required to provide unbiased projected values of cash flows or earnings and derive a risk-adequate cost of capital from the fluctuation around this planned value (planning uncertainty). By linking ERM and value-based management, one obtains value-based ERM. This uses insider information about existing risks as the basis for assessing the risk-return profile of options for action. In contrast to traditional concepts such as the capital asset pricing model for deriving the cost of capital, the approach can be used on apparently imperfect capital markets and in consideration of rating and financing restrictions. The application is shown in this chapter with a case study (strategy valuation).