This paper argues that questions of how to operationalise the principles contained in the (modified) World Bank Social Risk Management approach are of crucial importance, but pose considerable challenges. Whilst “Rural Worlds 1, 2 and 3” provide a basis for this, a nuanced classification of rural space, people and institutions is needed if these challenges are to be met. Such nuancing is needed in order to identify, for instance, how to treat the chronically vulnerable (who cannot fully engage in productive activity), or how to treat those engaged in, for instance, labour markets which link across different Rural Worlds. The paper concludes by proposing a number of recommendations for donors, including recommendations on how the principles underpinning a modified SRM approach can be operationalised.