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In this study we present a generic probabilistic risk assessment methodology to evaluate the risk associated with flooding process of a pit. We use the bow-tie analysis to analyze the critical events (we focus on slope failures) and the systemic risk assessment methodology to estimate the risk for the population, for the environment and for the infrastructure. Furthermore, we perform a spatial analysis of the risk by discretizing the affected area into squares, by estimating the risk in each one and finally by creating the risk map. The methodology is implemented by specialized software that has been created in a Matlab environment for the deduction of such risk assessments. The developed methodology was applied in the area of the pit lake Most in Czech Republic.