Recent economic crisis has brought on criticism of many theoretical concepts, including the idea of Value Based Management (VBM). The motivation to maximize the value created a strong incentive for shareholders to increase the pressure on the efficiency of invested capital. Therefore, enterprises chose an aggressive asset management strategy, leading to risk increase. To reduce these negative effects, risk management should be located at the top position among VBM priorities. The paper is dedicated to methods and procedures used in the silo and integrated risk management. It also shows how the implementation of these systems has the impact on the enterprise value creation. The analysis shows that the integrated risk management can be considered as a factor of value creation, while the silo management contributes only protection of that value.