New Challenge for Risk Governance: Polycrisis and Systemic Risk

The author highlights the rise of polycrises, where interconnected challenges, such as the pandemic, climate change, wars, food insecurity, and inflation, mutually amplify one another. He argues that the traditional approach to risk assessment and management is insufficient to address the multiple facets of polycrisis and introduces a systemic risk framework to capture the systemic nature of contemporary risks. This framework is designed to enhance understanding and provide better tools for governing and managing complex systemic risks.