The paper explores how subjective risk perception intersects with government disaster management policy that is premised on an objective approach to risk assessment and mitigation. It finds that the presumption of objective risk management underpinning government policy is fundamentally at odds with community risk perceptions. This paper applies the techniques of ethnographic study to explore how communities understand and frame risk narratives. Using qualitative methods, the paper constructs the risk narratives of residents of Rocklea, Brisbane, following their experience with the 2011 Brisbane Flood. These risk narratives are considered in light of the Australian National Strategy for Disaster Resilience and recommendations are accordingly made for government disaster management policy.