Black [79] affirms that the lower the industry risk is, the higher the level of social license to operate by company is. So, companies operating in industries characterized by a high level of risk need to set their corporate governance with a special attention to CSR, considering also that CSR risk literature suggests the firm’s risk decrease thank to the engagement in social responsibility [80,81]. Some authors emphasize the importance to manage the risk at the board-level with devoted positions which can be a single committee, a group of committees, or a Chief Risk Officer having a high level of technical expertise [82,83].