To transform the way we think of and manage risk, in this research program we develop a comprehensive theory of systemic risk that combines the physical and social dimensions of risk, its spatial and temporal domains, and its primary and secondary channels of impact within a framework that acknowledges differences in risk vulnerability and susceptibility. Then building on the enhanced theoretical understanding of systemic risk, we will: (1) redefine the risk management control cycle by explicitly revamping its stages to integrate systemic risk; (2) develop risk financing mechanisms capable to cushion the financial consequences of systemic risk; (3) devise regulatory instruments that ensure accurate reflection of the attribution to systemic risk in regulatory accords.