States are unarguably the most influential actors in determining the nature of co-operation over shared resources such as water and the risks embedded within them. Since risks on natural resources are ubiquitous, it is important to understand the elements that characterize the larger framework that governs such resources in a shared and sustainable manner. In the context of a transboundary river, it involves the efficient and participatory involvement of all stakeholders functionally operating at different tiers of risk planning, management and evaluation. This paper presents seven important principles which states can adopt to ensure comprehensive transboundary risk governance. To operationalize these principles and to implement the diverse and pragmatic solutions, the framework governing risks should be inclusive, comprehensive and sustainable so that the most inaccessible and marginalized could secure their rights without any constraints. The paper also argues that along with this the consideration of cultural autonomy to local governance must be respected so that goals designed for risk reduction are achieved in a shared and equitable manner. That is why transboundary risk governance should always include elements of cultural sustainability which assures implementation of inclusive and accommodating policies in the interest of the communities living in shared peripheries. This paper also offers practice-based models of people centric co-operation and dialogue between nations especially in the South Asian region as pragmatic solutions to manage shared risks. Initiatives taken by community led institutions to strengthen people to people ties across South Asian nations have marked a sustainable impact on the risk governing systems. It consolidates community level capacities to manage uncertainties generated by shared risks.