Fault analysis of modern power systems cannot be only addressed on classical reliability techniques but also considering the impact of cascading failures. This paper proposes an original integrated approach for the risk management of a power system subject to random contingencies by using vulnerability and reliability quantitative measures. Five different systems based on the IEEE-RTS have been studied from the vulnerability and reliability perspectives. According to the calculation carried out and the Multi-Criteria Decision Making (MCDM) method applied to better consider the integration of both concepts, the vulnerability and reliability perspectives are complementary viewpoints that can help to design a more robust critical infrastructure.