Risk management is inspired by the anticipated reduction oflosses (human and material) that natural hazards may cause inthe future. It is a policy by means of which the possibility oflosses is identi�ed, analysed and quanti�ed, and at the sametime measures of prevention, mitigation, reduction and retention or transfer of risk can be proposed and executed. Despite the overwhelming evidence that disasters hinderdevelopment in societies, the challenges and options for confronting their causes and consequences and the establishmentof adequate risk reduction strategies lag behind or do notattain a level of priority on the agenda of decision-makers: risk management is still regarded as a cost, not as an investment. The document outlines and discusses the policy of risk managementpromoting identi�cation, analysis and quanti�cation of the probability of damage that anatural hazard might cause, considering the vulnerability of the human environment and the ways to prevent and mitigate the lossesin advance.