A system and method for measuring dynamic properties of a structure, and for using the measured dynamic properties to assess the dynamic performance of the structure. The system and method measures dynamic properties of the structure such as frequencies of resonance, mode shapes, and non-linear damping, and uses them in an analysis of the structure to compare the dynamic response of the structure with the anticipated properties of a structure built according to applicable building code requirements. The system and method thus quantifies a risk of failure of the structure by determining a risk ratio that compares an as-is condition of the structure with an as-designed condition of the structure.