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Risk management is an integral part of any disciplined investment process. Broadly, it consists of two distinct elements. The first is risk measurement, which involves quantifying the total risk of the portfolio. Risk can be measured using any of several definitions, such as volatility, value at risk, or expected shortfall. The second element is risk analysis. This involves gaining deeper insight into the sources of risk, and evaluating whether these risks accurately reflect the views of the portfolio manager. In this paper, we show how the same risk analysis (volatility) can be extended to different risk measures (shortfall). This decoupling of measurement and analysis allows for new risk measures to be understood in reference to standard analytics.