In an evolving business environment characterised by globalisation and a challenging competitive paradigm, it is imperative for strategic management processes to focus on the financial perspectives of value and risk in intellectual capital to create sustainability in long-term value. This paper presents the key issues pertaining to the strategic management of value and risk in intellectual capital and presents some hypotheses for a strategic management framework based on identified underlying value-drivers, which in turn helps to focus and address the issue of risk management more adequately. The pervasive value-drivers in three intellectual capital-intensive sectors in Australia are identified from an analysis of case studies, then specified and extrapolated to provide implications for the strategic management of value and risk in the knowledge-based firms. The strategic management implications of these value-drivers are discussed and explained.