Saudi conglomerates are entering a period in which financial growth, privatization, supply-chain localization, and large project delivery require more disciplined enterprise risk management. This review examines how enterprise risk management and financial instruments governance can be integrated in Saudi conglomerates under Vision 2030. It argues that treasury products, sukuk, credit facilities, derivatives, intercompany funding and liquidity buffers should not be treated as isolated finance transactions; they should be governed as strategic risk tools connected to board oversight, risk appetite, internal controls, accounting discipline and market disclosure. A structured narrative review was conducted across recent academic work, regulatory materials, financial-sector reports and practice literature published mainly between 2020 and 2025. The paper develops a governance framework that links group-level risk architecture with financial instrument life-cycle controls. Findings indicate that Saudi conglomerates need stronger integration between board risk committees, group treasury, audit functions, subsidiary finance teams, legal review, Sharia governance where relevant, and investor communication. The study contributes a practical model for aligning ERM maturity with the Financial Sector Development Program, capital-market deepening and sustainable corporate performance.