The National Road RN 91 has been threatened for about twenty-five years by a huge landslide, located 25 km south-east to the town of Grenoble (France). If several million cubic meters of rock fall down, the debris will dam the valley. Then the failure of the dam by overtopping and rapid erosion might result in a catastrophic flood and dramatic consequences for human life, environment and economy throughout the valley. The paper presents the hazard assessment based on geological and hydrological surveys, including small scale hydraulic tests, as well as the risk evaluation that has been performed. The risk management relies first upon a high level monitoring and an emergency plan; various mitigation strategies have been considered.