"Racism" as a broad concept does not require systemic racism or a social/political power imbalance. The term has no unified definition but in a general sense it is simply the act of prejudice of one race over another, and the inherent belief that one race is superior to another. It does not require a larger power imbalance, it does not require institutionalised and enforced socio-political power structure wherein one race is disadvantage and/or a minority towards another. When we speak "racism", we are speaking of racial superiority as an ideology exhibited through action and belief.
The debate of the necessity for advanced/disadvantaged social groups is one fundamentally flawed, as far as I'm concerned. We have terms and phrases to describe this, as institutionalised and systemic racism are born out of individual racism. They are the part of a greater process of racism towards the path of genocide, slavery, and other racially charged forms of oppression and extermination. Lumping this all under the umbrella of "racism", and implying that without oppression or social/political disadvantage for racially identifiable group there is no "racism", in my opinion diminishes the importance of recognising racism as a belief system and ideology responsible to individuals and where the root of systemic racism begins.