Stockholm International Water Institute (SIWI) early this year launched a report on results and risks in Transboundary Water Management (TWM). This desktop study was carried out by Hydropolis Consulting and Research, and looked into a dozen different cooperations on transboundary water across the globe with the purpose of determining what kind of results and risks are typically associated with TWM cooperation. The study found that TWM initiatives typically can demonstrate short-term results of “output” character, but there are also positive long-term effects on stability, trade, and the environment. However, these are difficult to measure and therefore often are presented in anecdotal form. Assumptions about long-term effects are vaguely described and “results-chains” are lacking. TWM projects are often high-risk undertakings and frequently face ownership problems. The report ends with a set of recommendations, including the need to improve indicators, take risk management seriously and to be realistic in setting objectives.