Moreover, it is often (natural or man-made) disasters, rather than the careful assessment and management of risks ahead of time that prompts countries to worry about their level of protection against water risks. Strategies for managing risks should consider not only risk reduction, but also look for opportunities to avoid risk (by reducing vulnerability and exposure), transfer risk (through insurance schemes, for instance), and, in some cases, bear risks, when it is cost-effective to do so. The policy toolkit to manage water risks includes direct regulatory measure, market-based instruments and public financial support.