If one speaks about the disaster risk, it can be defined as the combination which involves the probability related to the event and the negative consequences of the same.
Risk management may be defined as the process which includes the identification, analysis, evaluation and treatment of loss and monitor the control of the risk in order to do the mitigation of the adverse impact which may be observed because of the loss encountered due to risk. Management of the risk is helpful as it not only prevents the disasters but also helps in the growth of sustainable development. This can be done by ensuring that the people can lead a healthy lifestyle even in case of the risk. It is very important to have a proper risk management in order to have the minimum impact of the disaster. According to World Bank, disaster risk management can reverse the trend of rising risk of any kind of disaster.
In order to ensure that there should be minimization in the gap of risk and the management of risk, it is important to consider some of the most important dimensions which are related with the risks.
Flood Risk Management
The concept of Flood Risk Management has been used to a large extent in the recent past. This is because the consistent acceptance of the FRM has been widely accepted in a number of decision making processes. This is because it highlights the risk as something that is potentially more complicated, but it is also more and more efficient in helping the delivery of the goals other than following the traditional process of engineering based on a approach. The decision process in case of an FRM is based widely upon the long term perspective to emerge. The decision process related to FRM has been based upon the explicit tradeoff the entire life cycle of the risk.
In short, Flood Risk Management can be defined as the method which is aimed to control the impact of flood in different places. In the past, Flood Risk Management has proved to be the most effective strategy for controlling the risk. It is one of the most integral part of the integrated river basin management (Schanze, 2006).