Abstract. A regional analysis of flood risk was carried out in the mountainous area surrounding the city of Bogotá (Colombia). Vulnerability at regional level was assessed on the basis of a principal component analysis carried out with variables recognised in literature to contribute to vulnerability; using watersheds as the unit of analysis. The area exposed was obtained from a simplified flood analysis at regional level to provide a mask where vulnerability variables were extracted. The vulnerability indicator obtained from the principal component analysis was combined with an existing susceptibility indicator, thus providing an index that allows the watersheds to be prioritised in support of flood risk management at regional level. Results show that the components of vulnerability can be expressed in terms of four constituent indicators; socio-economic fragility, which is composed of demography and lack of well-being; lack of resilience, which is composed of education, preparedness and response capacity, rescue capacity, social cohesion and participation; and physical exposure is composed of exposed infrastructure and exposed population. A sensitivity analysis shows that the classification of vulnerability is robust for watersheds with low and high values of the vulnerability indicator, while some watersheds with intermediate values of the indicator are sensitive to shifting between medium and high vulnerability. The complex interaction between vulnerability and hazard is evidenced in the case study. Environmental degradation in vulnerable watersheds shows the influence that vulnerability exerts on hazard and vice versa, thus establishing a cycle that builds up risk conditions.