The world needs a radical new approach to respond to global risks, urges network of experts in a landmark report

A major new report from ASRA, the Accelerator for Systemic Risk Assessment, sets out a bold guide to strengthen our ability to understand and tackle systemic risks—critical actions needed to ensure a safer, more resilient future for people, the planet, and all living species and ecosystems. The report, Facing Global Risks with Honest Hope, co-developed by a global network of 50+ transdisciplinary risk experts, underscores the urgent need for radical change in assessing and responding to risk.

From climate inaction and biodiversity loss to global conflicts and the unchecked proliferation of AI and disinformation, complex and interconnected risks are escalating rapidly. They threaten to cause irreversible harm and have cascading impacts, such as the damaging effects of extreme heat on human health, food systems, infrastructure, and more. Yet, decision-makers remain ill-equipped to respond, with outdated tools that fail to match the scale and urgency of this “polycrisis” moment.

While noting positive progress in risk management, the authors argue that the dominant approach to risk assessment remains fragmented and siloed—lacking cross-sector coordination, integrated governance, and focusing solely on single harms. This failure to address critical interdependencies makes us increasingly vulnerable to sudden shocks that cascade across systems, as with COVID-19 and the 2008 financial crisis.

Released ahead of the UN Summit of the Future, ASRA outlines how critical capacity and capability gaps can be effectively tackled, creating the conditions for a healthy, resilient, and just future for everyone. Recommendations include:

– Governance reform to include the appointment of Systemic Risk Officers at the national and sub-national levels, as well as a Global Systemic Risk Officer at the UN level to coordinate member states and other non-state actors and ensure critical global frameworks, such as the post-2030 Agenda on the SGDs, address systemic risk.

– Corporations and financial institutions must integrate systemic risk assessments into their investment, lending, and procurement practices, making visible their activities’ full costs and consequences on people, nature, and the planet.

– Data holders, including governments, corporations, and civil society, must invest in collecting new data, proactively addressing data blind spots and biases, particularly about Indigenous Peoples and Local Communities (IPLCs), and share that data and expertise publicly.

– Researchers, educators, and funders should focus on transdisciplinary research and training to build skills and tools and establish new collaborations, such as North-South and East-West initiatives, to foster global cooperation on systemic risks.

– Early-stage seed funding and support flowing into systemic risk thinking and practice are critical to ongoing innovation and ambition in this area, with a significant reorientation of funding away from single-issue policy or siloed projects in philanthropic efforts.

A cross-cutting message of the report is that justice and equity must be at the core of risk management, particularly for vulnerable ecosystems, communities, and future generations. The authors therefore also call for inclusive participation via citizen assemblies along with training and education to address the drivers of systemic risk, while also empowering citizens to better cope with disasters and build more just and resilient societies.

ASRA’s Executive Director Ruth Richardson emphasizes the importance of examining current risk management approaches and exploring new strategies. She believes this is a crucial milestone in addressing global risks and presents the greatest opportunity to transform risk perception and response.

Elizabeth Cousens, President and CEO of the United Nations Foundation, emphasizes the importance of holistic and inclusive action in protecting communities and places from growing threats like climate change and conflict.

As world leaders look ahead to future vital policy milestones in 2024 including COP16, the UN Biodiversity Conference, and COP29, the UN’s annual global climate summit, ASRA urges decision-makers to seize the opportunity to radically rethink risk, where every action is taken with the whole system in mind.