This chapter provides a concise overview of water-related climate risks and governance in Sri Lanka, along with a synthesis of the governance challenges associated with managing water resources and adapting to the increasing impacts of climate change across various scales and sectors. The discussion is guided by an analytical framework that evaluates the effects of transformative adaptation interventions designed to address climate change and related disasters. These interventions focus on strengthening water, food, livelihood, energy, and environmental security. The framework comprises six exogenous governance components: (a) water-related institutions, (b) agricultural and the environmental institutions, (c) legal and policy framework, (d) market mechanisms, (e) structural systems, and (f) information, extension, and local support services. The review highlights the urgent need to develop transformative adaptation strategies and to foster institutional collaboration across sectors and governance levels to achieve systemic and sustained resilience outcomes.