The purpose of this paper is to investigate the effect of risk governance on the operational risk disclosure and bank performance in five Asean countries. The uniqueness of this paper lies in its countries setting. Most studies on governance and performance involve developed countries. Another uniquiness is the construction of risk governance index based on the latest guideline of bank governance. This paper’s contribution is to examine the association of risk governance characteristics for both bank operational risk disclosure and performance in an Asean economy setting. Using 285 bank-year observations comprising hand-collected data for the period 2010-2014, this paper investigates risk governance in terms of index based on management risk structure (board and management level) and practices. Index of risk governance is based on 12 of 13 principles issued by BCBS (2015), while operational risk disclosure is measured by index based on previous research. Bank performances are measured by return on assets (accounting-based) and price earnings ratio (market-based). The results show that there are significant relationships between risk governance and operational risk disclosure and risk governance and bank accounting-based performance. This paper complements the governance literature by incorporating agency, stakeholder, and signaling theory to suggest that risk governance characteristics can be used as channels to improve operational risk disclosure.