Assessment and management of extreme risk must be carried out differently compared to frequent-event risk. It is especially important to incorporate dependencies among risks. We lay out an approach for modeling dependencies with the use of copulas and how to manage and prevent such risks using a risk-layer approach. We show possible applications of this approach on the local level for Hungary, the regional level for Europe, as well as for systemic risk. We argue that the approach is particularly useful if different changes in risk for different decision makers are expected but need to be incorporated from an integrated systems perspective.