With the increasing role of numerous Internet services, more and more private data must be protected. One of the mechanisms which is used to ensure data security is user authentication. A reliable authentication mechanism is a foundation of security of a remote service but, on the other hand, it is also a source of user frustration because of fear of losing access in case of three failures. A remedy to this problem could be contextual secure authentication. Such a protocol should provide multi-level authentication mechanism which increases user satisfaction without decreasing a protection level. In this paper we propose a risk analysis procedure of a new authentication management model using contextual data and oriented on user experience. We describe an approach to risk assessment of the mechanism, which supports a process of choosing the proper multi-step authentication procedure. On this basis, it is possible to provide a security solution which keeps balance between user satisfaction (related to QoE) and the obtained Level of Security (related to QoP).