Why Riven is "OP" at the moment
So just a quick disclaimer, I hate Riven with a burning passion and in all honesty I hate most hyper mobile, high damage champions. Reasons for this hatred stems from my play-style of slow calculated plays that allows for a methodical take over of the game and Riven just doesn't allow me to do that so I generally loathe her. That being said the champion herself is not "broken", actually she is in a perfectly fine state but, that doesn't mean she cannot appear stronger then she really is.
Biggest reason I think Riven is even near the meta is do to other changes in the game that just allow her to be perceived as an unbalanced, overpowered, uncontrollable, rage inducing monster. Primarily I would ask you to look at the philosophy that Riot has recently adopted (past year or so) in reference to True Damage. Note I believe True Damage has it's place as a mitigation tool used against bruisers, as it was in the past when the only reliable source of True Damage stemmed from having a lot of penetration and opponents having virtually no resistances. But outside of that the only thing previously to have a lot of True Damage was pre-rework Corki, who they claimed was "too hard to balance due to his old passive" which gave him the True Damage.
But in the current state of League, True Damage seems to be tacked onto every new champion rework, along with new runes that seem to be tailored for melee bruisers, rather than to combat them, which in turn helps them seem overpowered. When a melee champion can ignore all of the resistances, or even just a larger percentage of them, more so than the ranged damage carries, and they are hard to kill due to high healing and they have more mobility than anyone else in the game, it is easy to confuse what is truly OP. Without the waves of True Damage I believe Riven is in a state of mediocrity if anything, she is really mobile but that has been the case for a very long time. She has good burst potential on anyone who isn't a tank which again has been a big reason she is ever played. But what she hasn't had as easily in the past would be a way to ignore a massive amount of resistance without having to rush armor pen or lethality and sacrifice healing.
In all honesty if she was forced to go black cleaver as her start item again I feel she really would get crushed by a lot of different match-ups in the current meta but she doesn't have too instead she can rush a deaths dance which mitigates burst against her, which is one of the few ways to combat her, and gives her healing to last even longer in fights. This just means that she still inputs the same amount of damage as before but has a lot more healing and doesn't have to sink her gold into penetration which allows for faster and harder snowballs in her favor. This also means she seems unbelievable tanky because even with the items like Morello's and Mortal Reminder, she still heals a really high amount due to a large portion of damage being unmitigated and allowing for a larger heal that is than reduced to a still hefty amount of healing.
So all in all one thing has to change to remove her "OP" status and the answer is not in a direct nerf to Riven but rather a removal or proper rework of the Conqueror keystone. A recommendation for this would be reinstating the old fervor mastery as it does a lot of what Conqueror wants to do but outside of one point in it's life span it was not considered extremely OP.
But this has been my long winded rant on Riven as it seems to be the current fad and hopefully mine is at least a little insightful as to the True problem.