The present article sought to address the issue of shared management of water resources among sovereign states in Latin America, focusing on the hydrographic basin of the River Plate. The methodology of the Transboundary Waters Assessment Programme for river basins proposed by the United Nations was used to evaluate risks within current and future scenarios. The results obtained allow the inference that the River Plate basin is in a moderate-risk category. However, high and very high risk values were observed for the pollution, dams and economic reliance indicators, which in the future horizon could promote conflicts regarding water resource use. In conclusion, states should establish their priorities and clear rules for monitoring, use and surveillance of water. This process should be done in an integrated manner, with due regard for international arrangements, and should be compatible with the policies and management instruments of the countries involved.