Construction of dams on streams allows multiple beneficial uses to the popu
lation. But in the advent of extreme floods, the structures may fail and fr
ee the stored water. Recently built structures respond to more and more dem
anding design standards. Older structures, which were deemed safe at the ti
me of their construction, might sometimes no longer satisfy these new stand
ards. To evaluate the necessity, the importance and the urgency of works th
at would make these structures conform again, one of the more and more used
approaches consists in resorting to a risk analysis. A risk analysis has b
een applied a posteriori on a site where a failure was observed in order to
determine whether this approach would have brought the managers to underta
ke corrective works. This application shows the limited capacity of the con
ventional risk analysis for dams. Two alternative approaches are presented
and discussed as a tool to evaluate the risk of a site.