This paper evaluates wildfire policy for electric utilities through the lens of risk governance. Using four criteria, risk reduction, reliability, equity and customer protection, and enforceability. It assesses the main tools used in wildfire-prone jurisdictions, including mitigation planning, vegetation management, inspection and maintenance, operational controls such as EPSS and PSPS, system hardening, and risk modeling tied to performance metrics. The paper finds that California has developed the strongest utility-centered framework, particularly in planning, data transparency, model accountability, and oversight, but also shows that catastrophic wildfire risk cannot be managed through utility rules alone. Building codes, insurance markets, permitting, and land-use decisions in the wildland-urban interface shape whether an ignition becomes a disaster. The paper concludes that effective wildfire policy must shift from reactive utility compliance toward a broader, system-wide approach to managing risk.