In a world experiencing increasingly unpredictable and intense moments of fragility, stemming from human-induced climate change, the COVID-19 pandemic, violence and conflict, protracted crises make up about 80% of the humanitarian portfolio. Without more effective ways to understand the nature of risk in protracted crises, the number of communities in need of humanitarian assistance will only increase. This at a time when reducing vulnerability is critical to preventing hazards from turning into disasters. This session will highlight the challenges related to managing disaster risk in complex and protracted emergencies, while providing concrete recommendations of how to address these challenges. Panelists and exchanges with participants on good practices will demonstrate ways of treating risk drivers differently, considering common analysis frames that address intersectional vulnerability. Recommendations will be made of how to connect action to progressive financing and partnership options to make gains stick.