Risk management has become an important concern in the light of current developments in the home energy management sector as well as within the broader considerations regarding the building sector’s energy production and consumption paradigm. The current multi-parameter energy ecosystem structure raises a number of new challenges that require a reliable and robust risk management framework to assist in building management decision making. This paper presents a multi asset risk assessment algorithm, which is part of a risk management application developed for residential buildings within the framework of energy communities and digital energy markets. It describes the logic, principles, and operation of the algorithm, as well as the functionalities related to risk analysis and result visualization. This underpins the necessary means to monitor elements of a home energy system as well as tools for risk prevention and mitigation. The proposed application provides accurate, detailed, and easy to use information to assist decision makers and stakeholders in the context of smart home energy management systems.