Specifying risk management standard for flood risk assessment: A framework for resources allocation

Abstract

General risk management standard, e.g. ISO 31000:2009, approaches risk as a coin with a pair of two sides, i.e. the threat and the opportunity. However, it is hardly the case of flood events which mainly come as threats. Despite the contrary, this study explores the potential applicability of the available risk management standards specifically for flood. It then also synthesizes the components to result a framework for allocating resources among various strategies to result the optimum flood risk reduction. In order to review its applicability, the framework is then reviewed using several historic flood risk reduction cases. Its results are qualitatively discussed and summarized including the possible improvement of the framework for further applications.