Principles for just and effective systemic risk governance

Abstract Non-Technical Summary We are in a polycrisis – the entanglement of crises across multiple, interconnected global systems such as climate, health, and finance – that interact to produce harms significantly greater than the sum of their parts. We propose that, to mitigate and adapt to this polycrisis, strong systemic risk governance is required, and that just and effective governance requires principles. Principles help us to identify common values, provide a framework for decision-making, and lead the necessary societal change towards a shared vision, taking on increasing importance in an ever more complex and fragile world. Technical Summary We are facing multiple crises, from risks across systems that are central to the safety and prosperity of humanity and ecosystems. Traditional planning and implementation have been based on command-and-control approaches with narrow objectives formulated within a constrained logic model. However, the polycrisis and addressing systemic risk require multiple objectives beyond narrow ones, which cannot address large-scale initiatives in complex, dynamic environments aimed at systems transformation. This requires a deep consideration of what objectives societies and organizations have and how they should meet them. The notion of utilizing a set of guiding principles is critical. Principles are becoming ever more prominent in considerations around the different ways in which societies, organizations, and individuals operate. Principles take on increasing importance in an ever more complex world where our effectiveness depends on adapting to context, guiding adaptation, and facilitating dialogue on options, trade-offs, and choices. We propose a set of 10 principles to guide the development of the field of systemic risk assessment and response within and across multiple domains. These principles – developed to meet the needs of the field of systemic risk – provide a complete set of operating guidelines to drive towards safety, equity, and security for human and ecological systems. Social Media Summary This article proposes 10 principles for systemic risk governance to navigate the polycrisis and ensure a safe future.