Reported findings, herein, show that a simple linkage exists between the ERM processes and its benefits (the strategic implications), apparently influenced by numerous factors including the risk appetite, risk culture, management competence, etc, which go a long way to show the value of ERM; even though not quantified. Analyzing the cases, questions answered by this paper include: why is the risk perceived differently? Why is the impact of the same risk different? Why the difference in risk responses? Why is the proposed response sometimes different from the actual? How are all these linked together?