Risks to shared water resources in the Murray–Darling Basin are reviewed after the report by CSIRO on the same topic in 2006. CSIRO outlined six major risks to shared water resources in the Basin. Herein, six groups of researchers have reviewed the risks of climate change, forest growth, groundwater, water infrastructure, water quality, and governance. These reviews bring an updated understanding of risk assessment and management that can contribute to the forthcoming reviews of the Water Act and Basin Plan in 2024–26. Drawing on these six papers, the authors synthesise knowledge of the risks to shared water resources and identify policy and management options and information gaps. We find that few risk factors have decreased in significance. Most risks remain and new risks are identified. Water managers must plan for a significant decrease in water availability and governments need to actively manage these risks under conditions of increasing uncertainty.