The spatial-temporal evolution of natural hazards in mountain systems presents complex challenges for effective risk management. Climate change, land-use change, human interventions, and socio-economic development contribute to dynamic shifts in key flood risk components—hazard, exposure, and vulnerability—necessitating adaptive management strategies supported by systematic risk monitoring. Understanding these evolving risks is crucial not only for flood management but also for developing comprehensive multi-hazard approaches in mountain environments. This study evaluates the application of a flood risk monitoring framework at the national scale in Switzerland, focusing on its capacity to support adaptive risk management. Over a 10-year period (2014–2023), we collected and analyzed data streams for hazard (continuously updated flood hazard maps), exposure (e.g., number of buildings in hazard-prone areas), and vulnerability (degree of potential loss). By calculating potential damage annually, we established risk trend curves, revealing both temporal changes and spatial variability in flood risk across Swiss administrative units. The results indicate a 26% increase in total flood risk over the decade, with hazard areas expanding by 32% and exposure rising by 35%. Disentangling the contributing factors provided critical insights into the drivers of risk evolution, including land-use changes and socio-economic developments. Beyond flood-specific findings, this study highlights the broader potential of applying the risk monitoring concept to multi-hazard contexts. The principles of systematic data collection, periodic evaluation of risk components, and integration of evolving hazard dynamics offer a strong foundation for comprehensive multi-hazard risk monitoring. In a second step, we discuss the opportunities and challenges of extending this approach to include other hazards such as landslides, avalanches, and debris flows, emphasizing the benefits of a unified monitoring framework for adaptive multi-hazard risk management. By fostering a more holistic understanding of risk evolution, this approach can significantly enhance resilience and inform proactive risk reduction strategies in mountain systems.