The evolution in knowledge and application of disaster risk reduction in the 25 years of global cooperation on this issue has been uneven. While advances in knowledge have improved our understanding of the full nature of risk—the combination of hazards meeting vulnerability—the application of such knowledge has not been conducive to the development of institutional and technical mechanisms to address the full range of risk elements. Governance of risk(policies, legislation, and organizational arrangements) still focuses largely on preparing to respond to the hazards and planning for recovery. This leaves largely unattended the vulnerability component of risk, which is the only component on which change can be effected.Governance arrangements, risk assessments, early warning systems, and other institutional and technical capacities still concentrate on natural hazards and this is the main change that remains to be substantively addressed. The evolution in knowledge and application of disaster risk reduction in the 25 years of global cooperation on this issue has been been uneven. While advances in knowledge have improved our understanding of the full nature of risk-the combination of hazards meeting vulnerability-the application of such knowledge has not been conducive to the development of institutional and technical mechanisms to address the full range of risk elements. Governance of risk (policies, legislation, and organizational arrangements) still focused largely on preparing to respond to the hazards and planning for recovery. leaves largely unattended the soft component of risk, which is the only component on which change can be effected. to be substantively addressed.