Abstract:   Corporate governance and risk management are integral components of modern business management. This paper aimed to investigate how and whether the presence of independent directors on the board influences how ownership structure affects corporate risk. The composition and independence of a company's board of directors play a vital role in determining the level of corporate risk. This research delved into the intricate dynamics between these elements to understand how they influence corporate risk. Specifically, the research aimed to examine how board independence acts as a moderating factor on the relationship between ownership structure and corporate risk. By examining the Egypt context, this study contributes to the broader understanding of corporate governance in emerging markets. The paper relied on Agency Theory and Resource Dependence Theory. The research employed the use of causal research design. The study population was sixty (60) firms listed in the Egyptian Stock exchange as of 31^st December 2021. Secondary data sources included financial reports, annual reports, and surveys. Data analysis was conducted using quantitative techniques with the aid of statistical software STATA. The statistical results revealed significant moderating effect of board independence on the relationship between ownership structure and corporate risk. The findings have offered practical insights to corporate managers, investors, policymakers, and researchers, aiding them in making informed decisions and formulating effective governance and risk management strategies.