This report presents a framework, the Urban Risk Assessment (URA), for assessing disaster and climate risk in cities. It is intended to assist in decision making, urban planning, and designing risk management programs. The approach seeks to strengthen coherence and consensus within and across cities in understanding and planning for risk from natural disasters and climate change. The Urban Risk Assessment is a flexible approach based on three reinforcing pillars that collectively contribute to the understanding of urban risk: a hazard impact assessment, an institutional assessment, and a socioeconomic assessment. The URA is designed to allow flexibility in how it is applied, depending on a specific city’s available financial resources, available data relating to hazards and population, and institutional capacity. Based on the identified needs and priorities, city governments can select the most appropriate level of risk assessment.