"Risk assessment methodologies have been used around the world to provide decision makers with information on the likelihood of adverse outcomes and resulting consequences. Governments are recently moving to broader flood risk management approaches that encompass structural measures and manage floodplain development while recognizing climate change, environmental functions and social factors. Such flood risk approaches consider the probability of a flood hazard occurring; the vulnerability of flood mitigation measures implemented to lessen flood consequences through preparation, response, recovery and mitigation; and the consequences that result from the mitigated flood event. Within that overarching flood risk management context, the U.S. Army Corps of Engineers (USACE) is considering risk management approaches for dams and levee systems in order to make better decisions, better prioritize and justify risk reduction measures, better communicate risks to decision makers and the public, and better understand and evaluate public safety risks in an environment of shared flood risk management responsibilities. USACE consideration of risk management approaches includes the potential use of a Tolerability of Risk (TOR) framework, originally developed in the United Kingdom and adapted elsewhere, as well as Tolerable Risk Guidelines (TRG). Tolerability of Risk was developed as a framework for reaching decisions with stakeholders that focuses on the most serious risks consistently, efficiently, and transparently. Tolerable Risk Guidelines categorize the nature of risks in ways that can assist in assessing their acceptability or non-acceptability, and in prioritizing actions for reducing risks."
U.S. Army Corps of Engineers (USACE), National Flood Risk Management Program: http://www.nfrmp.us/
Exploration of Tolerable Risk Guidelines for the USACE Levee Safety Program. Washington, D.C. March 17-18, 2010