Pakistan, a developing country lies in an earthquake prone region with moderate-to-strong ground motions. Recent earthquakes revealed the seismic vulnerability of existing building stock, leading to monetary loss, casualties and fatalities. Kashmir earthquake (2005) resulted in huge loss of lives and livelihood. However, the country lacks tools for earthquake risk assessment and mitigation. The objective of this research work is to develop seismic vulnerabilities of substandard reinforced concrete frame structures for the determination of risk in terms of monetary loss, casualties and fatalities for the Mansehra district of Pakistan under Kashmir earthquake 2005. CFRP retrofit technique is utilized to improve the seismic vulnerability of existing RC building stock for risk mitigation purposes. A hypothetical four story reinforced concrete frame structure, representative of the construction practices in the study region is designed under gravity load. Vulnerability curve is generated by using capacity spectrum method for unconfined and confined structures. Earthquake risk assessment framework for RC frames is developed for socio and economic analysis. Hazard of the region for a single event of Kashmir earthquake 2005 is determined in ArcGIS environment. Using seismic hazard, and seismic vulnerability of confined and unconfined frames, seismic risk in terms of monetary loss, casualties and fatalities is calculated.