Social Protection in an Era of Increasing Uncertainty and Disruption: Social Risk Management 2.0
This paper updates the Social Risk Management (SRM) conceptual framework; the foundation of the World Bank’s first Social Protection Sector Strategy. SRM 2.0 addresses the increasingly risky and uncertain world; with opportunities and outcomes driven by possible disruptions from technology, markets, climate change, etc. SRM 2.0 is a spatial assets and livelihoods approach to household well-being featuring a risk chain covering all households across the lifecycle and for both positive and negative events. Key findings: Location and context are critical for household choices; assets are key to sustainable resilience to poverty, new assets and livelihoods need to be considered for the 21st century, and resilience and vulnerability to poverty are two sides of the same coin. Operationally, SRM 2.0 points to the need for a greater focus on asset and livelihood building programs in addition to traditional poverty alleviation and risk sharing programs, better integration between rights-based and risk-based approaches, more inclusive targeting, and consideration of global social protection.