Water is a multifaceted and shared resource providing critical social, economic, cultural, and ecological functions for all aspects of human wellbeing, economic development, and environmental sustainability (Cosgrove & Loucks, 2015; United Nations, 2018). Therefore, sustainable water management is inherently at the core of Sustainable Development (United Nations, 2018). As reflected in Sustainable Development Goal 6, objective of sustainable water management is to ensure water security, that is, adequate quantity, quality, and ecological integrity of water resources, is perpetually maintained while meeting all present and future water demands (Di Baldassarre et al., 2019;Sandhu et al., 2020b). Nonetheless, significant uncertainty, spatial and temporal variability of water availability, exacerbated manifold due to climate change, economic and population growth, threaten interconnected food and energy security and biodiversity of freshwater ecosystems (Cosgrove & Loucks, 2015;Sandhu et al., 2021).To foster sustainable development and water security, a keen focus on resilience (stress absorbing capacity) and adaptive capacity of social-ecological systems including organizations reliant on water resources is equally necessary (Folke, 2006;Xu et al., 2018). Thus, going beyond state-centric water management approaches, developing proactive policies, strategies and actions for risk management focused on a multipronged approach by all private nonstate (e.g., businesses, investors, insurance firms, lenders) and other water-using sectors is championed (Cosgrove & Loucks, 2015;Sandhu et al., 2021). As risk influences a system's ability to respond and adapt to adverse events, risk assessment and analysis is a central component of risk and resilience management (Linkov et al., 2014).Given the multidimensionality of water security risk as a construct, water security risk (called "water risk" thereafter) is defined as the likelihood of occurrence of water issues manifested as seasonal low flows, groundwater depletion, degraded quality, regulatory uncertainty of access or use, water user conflicts or other legacy issues that can adversely impact human wellbeing, profitability, and environment (Di Baldassarre et al., 2019;