This study extends risk management theory by exploring the role of board of directors in the relationship between integrated risk management and product innovation in China. We focused on two specific factors that reflect the effectiveness of a board’s risk oversights: a board’s direct involvement in risk oversights vs. its utilization of external audit in risk oversights, and examined their moderating effects on the relationship between integrated risk management and product innovation. Panel data from a survey of 1,178 Chinese firms was analyzed to test the hypotheses. The results show that a board’s direct involvement in risk oversights moderates the positive effect of integrated risk management on product innovation success. Its use of external audit in risk oversight similarly weakens the relationship. This study has an important message for managers regarding how an effective board contributes to the innovation benefits associated with risk management in product innovation. The results also have important implications for emerging economy firms pursuing an integrated approach to risk management in product innovation.