This article is composed of one integrated commentary about the state of ICON principles (Goldman et al., 2021) in natural hazards and a discussion on the opportunities and challenges of adopting them. Natural hazards pose risks to society, infrastructure, and the environment. Hazard interactions and their cascading phenomena in space and time can further intensify the impacts. Natural hazards’ risks are expected to increase in the future due to climate, demographic, and socioeconomic changes. It is important to quantify and effectively communicate risks to inform the design and implementation of risk mitigation and adaptation strategies. Multihazard multisector risk management poses several nontrivial challenges, including: i) integrated risk assessment, ii) Earth system data-model fusion, iii) uncertainty quantification and communication, and iv) crossing traditional disciplinary boundaries. Here, we review these challenges, highlight current research and operational endeavors, and underscore diverse research opportunities. We emphasize the need for integrated approaches, coordinated processes, open science, and networked efforts for multihazard multisector risk management.