Disaster risk depends on both the physical vulnerability and a wide range of social, economic, and environmental aspects of a society. For a better risk understanding, a holistic or integrated perspective was considered when risk was assessed for the city of Manizales, Colombia. This assessment accounts not only for the expected physical damage and loss, but also for the socioeconomic vulnerability factors that favor second order effects in a disaster. This comprehensive approach allows the identification of different aspects related to physical vulnerability, social fragility, and lack of resilience that can be improved, thus enhancing integrated disaster risk management actions. The outcomes of this comprehensive assessment are currently being used as input to update the disaster risk management plan of Manizales.