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Extreme events, especially weather-related events, are the leading cause of power outages in many countries around the world. Hurricanes and tornadoes are especially destructive and have caused billions of dollars in direct losses due to damage to power systems and indirect losses due to power outages. There is, therefore, a need to implement risk management strategies to reduce such losses and ensure that power systems are reliable and resilient. This chapter presents a framework for risk management of electric power distribution systems subjected to hurricane and tornado hazards. Methods for hazard analysis and component-and system-level risk analysis are discussed. Two case studies are presented to demonstrate the application of the framework. Various risk mitigation strategies such as the use of alternative pole material, targeted hardening of systems, regular preventive maintenance, and enhancement of design are considered in the case studies. Risk and cost-benefit analysis methods are presented to evaluate the effectiveness of the various mitigation strategies. A methodology for optimizing the preventive and corrective maintenance of distribution poles to reduce risk and minimize cost is also presented.