The main purposes of dam safety assessment are to predict risk of an existing dam and to reduce the identified risks reasonably. This study determined the risks of an existing dam for each different dam breach scenario using risk analysis. In addition, the application of risk analysis in the dam safety assessment made possible to compare and evaluate a variety of alternatives that may reduce risk of an existing dam with respect to the possibility of dam failure and economic efficiency, On the ground of the risk analysis results, the dam safety analysts can obtain better understanding and more information regarding the risk of and existing dam and recommended alternatives. Decision-makers will be able to manage risk of an existing dam efficiently by spending their affordable money and resources on the alternatives that are expected to reduce the risk of an existing dam practically.