Seismic performance assessment is key at the design and post-design stages by providing insights to stakeholders about the safety levels of their buildings under earthquakes. As such, the FEMA P695 methodology was employed by several research studies to evaluate the seismic performance factors of buildings by assessing their collapse risks under the maximum considered earthquakes. However, according to such studies, the methodology requires prolonged dynamic analyses and uses complex probabilistic techniques to account for a wide range of uncertainties related to building geometrical configurations, ground motions, available experimental datasets, and modelling techniques. This situation has imposed serious restrictions on the use of the methodology, especially by relevant building codes and practicing engineers. To address this gap, the current study develops a data-driven framework to practicalize the FEMA P695 methodology by minimizing the levels of effort needed by engineers to assess their buildings. Specifically, the seismic performance of buildings is evaluated using data-driven expressions based on the geometrical configurations and design parameters of the comprising structural components. As such, the developed framework does not require extensive computational efforts (e.g., nonlinear models and analyses) that are typically needed when the seismic performance factors are iterated within FEMA P695. To show its effectiveness, the framework was operationalized to 91 reinforced concrete (RC) shear walls tested in previous experimental programs. Such walls were numerically modelled to consider their geometrical and material properties (i.e., wall dimensions, reinforcement details, aspect ratios and material strengths) and analyzed to develop data-driven expressions that predict the seismic collapse risk of the walls under the maximum considered earthquake. Interpretability analyses were then performed to demonstrate the effect of the wall thickness, height, shear-span ratio, reinforcement ratio, axial load ratio, concrete compressive strength, and yield strength of the rebars on the median collapse intensity of the walls. The framework was also applied to a case study that included a prototype RC shear wall building, thus demonstrating the practical use of the framework. The results show that the developed framework can be utilized in a wide range of assessment applications, ranging from quantifying the seismic performance of existing buildings to evaluating the seismic performance factors assigned by relevant codes to design new buildings.