Towards Operationalizing Systemic Risk Management Models for Disasters: Implications to Future India Japan Cooperation

Disasters, like floods, storms, droughts, wildfires, and landslides, are becoming increasingly common and unexpected as a result of the rapid environmental and socioeconomic changes occurring at several levels, exacerbated by the impacts of anthropogenic climate change. These disasters often result from systemic risk that outperform traditional risk management practices, posing new, unsolved policy and governance issues. While there is a growing acknowledgement of the need to look at risks holistically, current frameworks do not show the pathway to operationalizing systemic risk. Given this background, the chapter introduces a two-stage approach for understanding and operationalizing systemic risk management in the context of disasters. At Stage 1, we introduce the Systemic Risk Framework for Disasters (SRD) framework to underscore the crucial factors for evaluating and handling disaster risks. Furthermore, at the second stage, we introduce the Systemic Risk Capability Assessment (SRCA) model. This holistic methodology aims not only to assess system conditions but also to serve as a planning instrument, evaluate resilient and vulnerable systems within a given context. This can further aid to enhance the resilience specific policy and action measures between India and Japan through bilateral cooperation and it would also have a global impact.