This chapter examines the role of governance in risk management and value creation within family businesses, drawing on two complementary perspectives. On the one hand, the analysis focuses on the structural characteristics of governance–ownership configurations, board composition, and information transparency, in line with the cluster dedicated to “ownership structure, board structure, and risk (blue).” Through an institutional and organizational perspective, it examines how concentrated ownership structures, overlap between ownership and control, voting mechanisms, and disclosure practices affect risk perception and management. The composition of the board of directors emerges as a decisive lever for balancing family interests with governance effectiveness. At the same time, the degree of transparency directly affects the trust of external stakeholders. On the other hand, the link between “governance, risk, and performance” (orange cluster) is explored in depth, highlighting how the family nature of the company can be both a competitive advantage and a source of vulnerability. Risk appetite is shaped by relational, institutional, and generational factors, often translating into conservative strategies that prioritize protecting socioemotional wealth and a long-term vision. However, the absence of professional governance and transparency in information can reduce competitiveness, limiting the company’s ability to adapt to external shocks.