Ensuring the safety of citizens is a responsibility of the government. Fire incidents can create many adverse impacts on human, property, environment and reputation. In this research, a probabilistic model to assess the fire risk in residential buildings using the Bow-tie Method was developed. A user-friendly predictive tool called “DynamicFire” was developed based on the aforementioned predictive model. This tool is focused on fire risk assessment of multi-unit residential buildings (MURB), due to their recent popularity. “DynamicFire” is expected to support risk management decisions to minimize fire risk and its adverse impacts on MURBs, especially on human, property, environment and reputation. Furthermore, this tool includes a list of safeguards for prevention and protection to reduce the probability of a fire incident. Potential benefits of the proposed methodology and the tool are as follows.