Urbanization, developmental activities, and climate change have increased the risks of flooding in many areas all around the world. Climate change poses conceptual challenges to managing the water-related disasters. As such, different approaches need to be developed for managing the related risks. This chapter aims to review the evolving policies of disaster risk reduction (DRR) that integrate with climate change adaptation. The stationarity of the hydrometeorological phenomena cannot be applied directly to plan the water-related disaster risk management. The conventional engineering solutions such as construction of structural measures like dams and dykes alone fail to manage the disasters. Countries like the UK, the Netherlands, and Japan have initiated a multilayer approach, in addition to these structural measures, which includes regulating land use, retarding floodwater in floodplains or urban areas, and warning and evacuation systems. Financial arrangement is a crucial element in promoting DRR. Developing countries in Asia require an investment of nearly USD 100 billion or 0.36% of GDP per year as protection against floods. Governments can secure these investments by committing to long-term DRR plans by incorporating DRR into national developmental plans. In addition, they can mobilize the financial sources of official development assistance and climate change financing. Moreover, governments need to attract investments from private sector. Implementation of multilayer measures will need collaborations from a wide range of organizations and stakeholders in order to strengthen the risk governance mechanisms. There is no one-fits-all model of risk governance, but practices show that leadership, learning, and resources contribute to collaborations.