USACE operates, maintains, and manages more than $232 billion of the Nation’s water resource infrastructure. USACE uses the Operational Condition Assessment (OCA) to allocate limited resources to assess condition of this infrastructure in efforts to minimize risks associated with performance degradation. The analysis of risk associated with flood risk management (FRM) assets includes consideration of how each asset contributes to its associated FRM watershed system, understanding the consequences of the asset’s performance degradation, and a determination of the likelihood that the asset will perform as expected given the current OCA condition ratings of critical components. This research demonstrates a proof-of-concept application of a scalable methodology to model the probability of a dam performing as expected given the state of its gates and their components. The team combines this likelihood of degradation with consequences generated by the application of designed simulation experiments with hydrological models to develop a risk measure. The resulting risk scores serve as an input for a mixed-integer optimization program that outputs the optimal set of components to conduct OCAs on to minimize risk in the watershed. This report documents the results of the application of this methodology to two case studies.