The former Liverpool defender feels the £20 million man deserves credit.
Every penalty had gone in up until that moment, with Besiktas leading 5-4. Lovren had to score or Liverpool were out - but he duly fired off target.
Riise, however, has defended the 25-year-old, suggesting he is due credit for being brave enough to do what several others weren't.
Lovren has struggled for a while,no confidence ATM and you have to take the last pen and misses. Didn't help his confidence I'm afraid— John Arne Riise (@JARiiseOfficial) February 26, 2015
All credit to Lovren for stepping up to the challenge. Trying to do the right thing for himself and the team. Doesn't always work out.— John Arne Riise (@JARiiseOfficial) February 26, 2015
The decision to give Lovren the responsibility of taking the Reds' fifth penalty was an extremely questionable one to say the least, with the £20m Croatian already under huge pressure after a poor start to the season since joining from Southampton.
Ultimately, Lovren was the fall guy as Liverpool were knocked out - but only because he had the courage to step up to the mark.
As Riise suggests, though, the defender's confidence will surely only suffer after yet another blow to Lovren's pride.