Risk management is not only important in common business organizations, but also crucial to religious based organizations such as waqf institutions and other institutions that are responsible in managing waqf assets. This conceptual paper aims to discuss the role and possibilities of risk management functions in improving the sustainability of waqf management. Specifically, aimed at ensuring the sustainability of waqf assets while aligning with Shariah principles. The exploration of literature includes research on recognizing the unique challenges waqf institutions face, including asset inalienability and the need for ethical governance. The study reviews existing literature on risk management practices within Islamic finance and nonprofit sectors. This analysis found several elements for a model or framework in explaining the connection of risk management in waqf management. Key elements of the model include structured steps for risk identification, assessment, and Shariah-compliant mitigation strategies, such as diversified investments and takaful (Islamic insurance). The framework seeks to empower waqf institutions to manage financial and operational risks effectively, thereby strengthening public trust and supporting the long-term social impact of waqf assets.