Systemic risk management in India: An analytics perspective

Abstract

The rapid changes in socio-economic and environmental factors worldwide have resulted in natural and man-made disasters becoming increasingly difficult to manage. The emergence of systemic threats that are cross-border, complex, ambiguous, and uncertain in nature, such as the ongoing COVID-19 pandemic, has made traditional risk management methods inadequate. Many countries, including India, are struggling to address the challenges posed by these systemic vulnerabilities, leading to unresolved policy and governance problems.This research emphasises the need for comprehensive and proactive risk management methods that can address the challenges posed by systemic vulnerabilities, rather than reactive and fragmented approaches. The research identifies crucial turning points in India's disaster management history and explores the prospects for improved disaster risk governance in the country. The report underlines good advances in disaster administration in India, but it also emphasises the need for more systemic development in overall disaster risk management. The research identifies key design principles for India's systemic risk management that can help improve disaster risk management. This understanding can aid in developing effective frameworks, policies, and strategies to control systemic disaster risks and align with major international objectives such as the Sustainable Development Goals and the Sendai Framework for Disaster Risk Reduction.