This technical note serves as the main reference for the updated Aqueduct™ water risk framework, in which combine 13 water risk indicators—including quantity, quality, and reputational risks—into a composite overall water risk score. The main audience for this technical note includes users of the Aqueduct tool, for whom the short descriptions on the tool and in the metadata document are insufficient. This technical note lays out the design of the Aqueduct water risk framework, explains how various data sources are transformed into water risk indicators, and covers how the indicators are aggregated into composite scores. This document does not explore the differences with the previous version.