Water security is a major policy challenge confronting governments around the world. In the absence of significant reforms of water and water-related policies, the outlook for water is pessimistic. Water security in many regions will continue to deteriorate due to increasing water demand, water stress and water pollution. Governments need to speed up efforts to enhance efficiency and effectiveness in water management to better manage the risks of potential water shortages (including droughts), water excess (including floods), inadequate water quality, as well as the risk of undermining the resilience of freshwater systems (rivers, lakes, aquifers). By taking a broad, long-term vision that emphasises the explicit management of water-related risks and trade-offs between these risks, governments are more likely to meet their water-related economic, environmental and social objectives.