A method of managing the risk of a monitored application installed on a mobile communication device comprises determining a risk profile of the monitored application based on at least one of: comparison of performance of the mobile communication device before and after installation of the monitored application on the mobile communication device, comparison of permission requests of the monitored application versus a type of the monitored application, community feedback of the monitored application, an amount of time elapsed since release of the monitored application, and a risk profile of a publisher of the monitored application; and performing a first action if the risk profile of the monitored application meets or exceeds a predefined first threshold.