I can see why you'd want to use the word "racism" to mean "prejudice/discrimination based on race," because we don't really have another word that means that.

Nor do we need one, really. That's what racism means. If you want a new term for racism-plus-power-to-enforce, then that's fine.

I tend to like "institutional racism" as a term, because it IS color-blind. (Hazel Dukes and OTB comes to mind, although I don't know how that actually came out).