Book excerpt: Vulnerability and risk assessment is an important tool that has been used in the fisheries and aquaculture sector to assess the current and potential consequences of climate change in a variety of geographical, environmental and socio-economic contexts and scales. The resulting information on risks and vulnerabilities can then feed decision-making on adaptation, including allocation of resources and prioritization of areas for action. However, there is no harmonized approach nor methodology to conduct vulnerability and risk assessments. This publication seeks to analyze the different existing methodologies in order to contribute to laying the basis of a consistent approach to design future climate vulnerability and risk assessments in the fisheries and aquaculture sector. The publication builds on the findings outlined in the FAO Technical Papers No. 597 “Assessing climate change vulnerability in fisheries and aquaculture - Available methodologies and their relevance for the sector” and No. 627 “Impacts of climate change on fisheries and aquaculture - Synthesis of current knowledge, adaptation and mitigation options” and explores the recent advances in approaches of vulnerability and risk assessments, and the methodological developments to conduct such assessments.