At first, the risk nomenclature, the components of the risk function, the quantitative and qualitative assessment methods, the methods for calculating the parameters of the hazard, the models for assessing vulnerability, the relationship between uncertainty and risk, and the objectivity and subjectivity in risk assessment are all considered. Then, contemporary trends in the development of the engineering aspect of the analysis and risk assessment for various types of events with catastrophic consequences are considered. Modern methods, models, regulations and aspects of risk assessment in function of objects performance are analyzed. The flow of information, application of qualitative and quantitative methods in data analysis and application of spatial information systems in the field of risk reduction are analyzed. The probabilistic methods of hazard analysis, vulnerability assessment and exposure in a built environment, quantitative methods for risk assessment, ALARP methods are all studied in more detail.