New Challenges for Risk Governance

In recent years, the world has been exposed to several serious and simultaneously occurring crises. Risk researchers call them polycrises. First came Corona, then came the further manifestations of climate change, for example floods, draughts and forest fires, the war in Ukraine and Palestine, food crises in the world, inflation, galloping energy prices, and there are more every day. The hallmark of polycrises is the mutual amplification of nested, interconnected risks. Given these new context conditions and challenges, the traditional approach to risk assessment and management will not suffice to cope with the multiple facets of polycrisis. A new concept is required that addresses the systemic nature of contemporary risks. The paper will introduce such a new concept and explain the main features of a systemic risk framework that is designed to improve our understanding of polycrisis and provide better tools for managing and governing systemic risks.