A comprehensive understanding of the elements at risk by identifying the main threats and the exposure of the assets is an essential step towards defining and adopting more effective and cost-efficient risk reduction strategies. Historic urban centres need particular attention due to their irreplaceable cultural value and often high vulnerability to natural and human-made hazards. In the framework of risk analysis and management, this paper presents two index-based methodologies specifically tailored to assess the vulnerability of historic areas to flood and fire hazards through the evaluation of a set of exposure and sensitivity indicators. From the application of the mentioned methodologies in selected areas of the Historic Centre of Guimarães, the present research focuses on the analysis of data collected on-site with different purposes and in distinct periods to perform a multi-hazard vulnerability assessment. Aimed at aiding data management and enhancing the readability and analysis of the results, all the outputs generated for this analysis are mapped using a Geographic Information System (GIS) tool.