The Global Earthquake Model aims to combine the main features of state-of-the-art science, global collaboration and buy-in, transparency and openness in an initiative to calculate and communicate earthquake risk worldwide. One of the first steps towards this objective has been the open-source development and release of software for seismic hazard and risk assessment called the OpenQuake engine. This software comprises a set of calculators capable of computing human or economic losses for a collection of assets, caused by a given scenario event, or by considering the probability of all possible events that might happen within a region within a certain time span. This paper provides an insight into the current status of the development of this tool and presents a comprehensive description of each calculator, with example results.