Living in a society characterized by risk has distinct implications for developing countries, where addressing the socio-environmental issues within established governance structures is challenging. This study aims to investigate the risks identified by the main relevant institutions in Chile based on the narratives of their authorities and how these are configured differently according to the regions and areas involved. Using a qualitative method based on individual interviews conducted with 57 representatives of institutions present in eight regions of the country, a differentiated configuration is identified depending on the institution and the region where they perform their functions. The main findings show that (1) the narrative relevance of the risks in Chile continues to be intensely based on natural hazards, (2) there are clear regional and macro-regional differences in the configuration of socio-environmental risks, showing significant institutional complexity, and (3) the ongoing challenges with deregulated events create high-level uncertainty in matters relevant to society. It is concluded that although the country is experiencing a complex crossroads in terms of the transition towards risk policies, a challenging effort would be to combine regulatory efficiency both in traditional risk problems and in the new criteria of the global development agenda.