Abstract: Systems and methods for continuously assessing risks associated with individual elements or entities of a system are provided. A risk evaluation system receives a request for evaluating a risk associated with an entity providing a certain function or service and generates a risk profile for the entity based upon the function or service provided by the entity. In response to determining that a time for assessing the risk associated with the entity has arrived, the risk evaluation system generates attributes of the entity and a predicted risk associated with the entity by inputting the attributes of the entity into an explainable risk assessment machine-learning model. The risk evaluation system generates explanatory data associated with the entity and sends the explanatory data indicating the attributes of the entity causing the predicted risk to be higher than a threshold and a notification to another computing device for use to further evaluate the entity.