Purpose – The digital transformation of higher education introduces institutional risks that existing governance frameworks are not always equipped to manage. While the literature on educational technology has grown substantially, the intersection between digitalization, change management, and risk governance in the university context remains underexplored. This review examines how three classical change management models – Kotter's eight-step process, Lewin's Unfreeze-Change-Refreeze cycle, and Hiatt's ADKAR framework – can be adapted as risk governance instruments for managing digital transformation in universities. Methodology – Using a narrative literature review of 48 sources (2017–2025) identified through systematic database searches, combined with a comparative analysis of two vocational training projects (HOLOTRAIN and We Grow People), the study identifies eight risk categories specific to educational digitalization and assesses three change management models across six governance dimensions. Findings – The comparative assessment reveals that no single framework is sufficient; hybrid approaches that combine Kotter's emphasis on urgency and coalition- building, Lewin's attention to cultural anchoring, and ADKAR's focus on individual readiness produce the most sustainable results. Implications – Five strategic recommendations for university leaders are proposed: developing a coherent institutional digital vision, strengthening staff digital competencies, institutionalizing ethics committees, adopting adaptive hybrid change management, and establishing monitoring systems with measurable indicators tied to specific risk categories.