To maintain long-term competitiveness and growth in today’s volatile and rapidly changing business environment, contemporary organizations are increasingly obliged to leverage on innovation. Though a critical success factor, innovation is often accompanied by significant risks that limits its progress. Given the limitations of traditional silo-based risk management approaches in addressing the complex and cross-functional uncertainties associated with innovation, this paper explores whether Enterprise Risk Management (ERM), as a holistic and strategic framework, can serve as a catalyst for innovation. Employing a qualitative meta-analysis of existing literature and case studies across different industries, the study finds that ERM enables calculated risk-taking by aligning risk oversight with strategic objectives. Findings indicate with the support of key enablers such as leadership support, a risk-aware culture, and adaptable ERM processes, organizations with mature ERM systems are better positioned to pursue innovative initiatives while managing downside exposure. Beyond risk mitigation, ERM contributes towards value creation by enabling firms innovate with greater confidence and resilience. The paper concludes by highlighting ERM’s strategic role in stimulating sustainable innovation across diverse organizational and regional contexts, and outlines implications for both practitioners and researchers.