This paper updates the Social RiskManagement (SRM) conceptual framework; the foundation of theWorld Bank's first Social Protection Sector Strategy.SRM 2.0 addresses the increasingly risky and uncertainworld; with opportunities and outcomes driven by possibledisruptions from technology, markets, climate change, etc.SRM 2.0 is a spatial assets and livelihoods approach tohousehold well-being featuring a risk chain covering allhouseholds across the lifecycle and for both positive andnegative events. Key findings: Location and context arecritical for household choices; assets are key tosustainable resilience to poverty, new assets andlivelihoods need to be considered for the 21st century, andresilience and vulnerability to poverty are two sides of thesame coin. Operationally, SRM 2.0 points to the need for agreater focus on asset and livelihood building programs inaddition to traditional poverty alleviation and risk sharingprograms, better integration between rights-based andrisk-based approaches, more inclusive targeting, andconsideration of global social protection.