Making Sense of CCA, DRR, and Loss and Damage Financing Conundrum in a Dynamic Risk Paradigm

We are experiencing a rapid increase in multi-dimensional risks. Risks that are highly interconnected across scales, sectors and regions. Unfortunately, the current risk financing regime is highly fragmented and lacks the perspective informed of multi-dimension risk reduction. Often, financing is targeting the ‘affected’ rather than ‘effector’ addressing possibly only half of the risk. Fragmented risk management approaches only increase the cost of risk management which works against limited finances available for DRR and CCA. On the contrary, addressing multi-dimensional risks needs greater coordination and cooperation across these levels. Limited finances mean greater integration and increased emphasis on effectiveness and efficiency. The presentation stresses the need to perfect the integrated risk management frameworks based on risk layering and identifies ways in which the effectiveness and efficiency of risk insurance, and emergency assistance can be improved.