This study utilizes the BERTopic methodology, a topic modelling tool that facilitates a meticulous exploration of existing literature, to comprehensively review the interplay between corporate governance and default risk. Through analysis of diverse empirical studies, it delves into understanding how corporate governance practices influence default probability. The study underscores the importance of effective governance mechanisms — board attributes, ownership structures, executive compensation, shareholder rights, and disclosure practices — in molding default probabilities. It also highlights the role of external governance mechanisms and regulatory frameworks in managing default risk. Notably, this research advocates for further investigation into emerging governance models and their integration with modern machine-learning techniques to amplify their impact.