This article compares two ways of viewing the hydro-climatic hazards. We used a conceptual tool based on the distinction between an etic point of view (that of the researcher in the prism of its own culture) and an emic point of view (point of view of the studied society). The emic point of view on the hazard is analysed, a case study is described in the High Atlas from Morocco : The valley of the Aït Bou Guemez. We describe the way the people of the Aït Bou Guemez consider the uncertainty and the unpredictability concerning the water by their myths, their ritual practices and the practical activity giving a partial protection. Then we confront their apparent lack of risk management to the risk approach proposed by the modern sciences and the contemporary risk engineering, implemented for example, in the South of France. The confrontation of these two viewpoints allows us to reconsider the relationship existing between water and the societies. This reexamined relation lead us to give more importance to a water culture which does not pass necessarily by a risk culture and give more consideration to the know-how approach.