A practical framework for flood risk screening was developed to assess the flood risk to water utility assets within the infrastructure network. The tool is a combination of probability and consequence assessments. The first takes into account how probable it is for a particular asset to flood and cause significant damage. The second estimates the level of consequences a flood will have, considering, for example, the level of loss of service, environmental pollution and cost. The consequence assessment is based on a dependency assessment that identifies knock‐on effects on other assets within the asset network and assesses the level of consequence they will have. The probability and consequence assessments are combined to produce a risk score that can be used to rank assets in a screening process that aims to assist companies in prioritising the investments required for taking action to reduce flood risk to their assets.