Abstract: This chapter examines the risk reduction and/or adaptation benefits of DSK-Shiree, an asset transfer programme targeting the extreme poor in Dhaka, Bangladesh. Analysis of treatment and control groups in three project sites reveals that while DSK-Shiree faces many challenges as a short-term donor funded project, it is an experimental initiative that ultimately reduces employment, food, dwelling and health insecurity, and enables previously ‘risk prone’ households to adopt ‘risk averse’ behaviours. The chapter supports calls to incorporate development (i.e. infrastructure improvement) and adaptation (i.e. damage resilient livelihoods) into NGO, donor and government policy, planning and practice.