A system for use in managing risk, including: a knowledge base, for maintaining generic risk records each including a plurality of different fields; a data store of profiles, for maintaining profile risk records associated with a particular profile, each profile risk record including the same plurality of fields as a generic risk record; and a risk processor, for updating generic risk records based on profile risk records in the data store of profiles. The knowledge base includes generic risk records with field values that can be refined over time so as to be useful in providing a more accurate risk assessment in any particular profile. Some of the risk record fields are measuring fields input by the user, and some are calculated fields calculated by the system, and the system allows different modes of analysis in which the fields that are the measuring fields differ.