Flood risk and the critical time of occurrence are difficult to monitor and detect. The availability and application of adapted indices may allow not only continuous monitoring of hydrological conditions in flood-prone areas, but also the potential threat of possible flood events in order to promote preventive actions to mitigate the impacts of the phenomenon. The standardized precipitation index (SPI) was developed for drought detection and monitoring. However, because of its characteristics, the SPI can also be used as a tool to monitor wetter-than-normal conditions. The aim of this paper, based on the recurrent floods affecting the southern Cordoba Province in Argentina, is to analyse the potential of the SPI as a tool for monitoring flood risk in that region. Results indicate that the SPI satisfactorily explains the development of conditions leading up to the three main flood events to occur in the region during the past 25 years. This fact supports the proposal for applying the SPI as an effective component of a regional system for climate risk monitoring.