At a geologic CO2 sequestration (GCS) site, geologic uncertainty usually leads to large uncertainty in the predictions of properties that influence metrics for leakage risk assessment, such as CO2 saturations and pressures in potentially leaky wellbores, CO2/brine leakage rates, and leakage consequences such as changes in drinking water quality in groundwater aquifers. The large uncertainty in these risk-related system properties and risk metrics can lead to over-conservative risk management decisions to ensure safe operations of GCS sites. The objective of this work is to develop a novel approach based on dynamic risk assessment to effectively reduce the uncertainty in the predicted risk-related system properties and risk metrics. We demonstrate our framework for dynamic risk assessment on two case studies: a 3D synthetic example and a synthetic field example based on the Rock Springs Uplift (RSU) storage site in Wyoming, USA. Results show that the U.S. National Risk Assessment Partnership’s Open Source Integrated Assessment Model (NRAP-Open-IAM) coupled with a conformance evaluation can be used to effectively quantify and reduce the uncertainty in the predictions of risk-related system properties and risk metrics in GCS.