The management of sustainability risks in product development has become an essential area of research, as 80% of risks are directly linked to sustainability issues. However, research on integrating the sustainability perspective in risk management is at the start, and currently, there is a lack of systematic methods for identifying and managing sustainability risks related to the sustainable new product development process. Therefore, this dissertation tried to understand the sustainability risks associated with the sustainable new product development process and how these risks can be managed. This study has facilitated the purpose through the developed conceptual framework ‘Sustainability Risk Management framework’. To test this conceptual framework, qualitative research has been conducted with three internationally operating manufacturing companies that provided useful information regarding product development, sustainability, sustainability risks, sustainability risk management, and risk management tools and mechanisms. The empirical evidence has been analysed according to pattern matching logic to compare the theoretical pattern and empirical observations. The analysis consists of six different categories that can be linked to both theory and collected data. The findings show that sustainability is not a well-defined concept that means the same for everyone. This has been reflected in the different ways of identifying, assessing, and mitigating the six different sustainability risks: (1) physical, (2) regulatory, (3) litigation, (4) competitiveness, (5) reputational, and (6) supply chain risks. Showing that the risks connected to sustainability are perceived differently by each company also showed that companies’ risk management practices differ among each other. Nonetheless, it is shown that the created conceptual framework can aid in the risk management of internationally operating manufacturing companies. However, future research is yet to demonstrate to what extent the framework can be used in practice.