Background/Objectives: Risk-based breast cancer (BC) screening can provide tailored recommendations based on individual risk. We aimed to identify key predictors for BC risk stratification to inform implementation in screening programs. Methods: We estimated 10-year BC risks using BOADICEA v.6 (CanRisk) in 3753 women aged 40–70 with no cancer history from the PERSPECTIVE I&I cohort. The primary endpoint was risk reclassification, assessed as the proportion of women whose assigned 10-year risk category changed when using different risk factor combinations against a full multifactorial model including questionnaire-based risk factors (QRFs), polygenic score (PGS), mammographic density (MD), and pedigree-structured first- and second-degree family history (FH) of breast, ovarian, pancreatic and prostate cancer, including both affected and unaffected relatives. Relative risk thresholds were set as <1.5 (average), 1.5–2.7 (higher-than-average), and ≥2.7 (high), equivalent to the remaining lifetime risk categories of <15%, 15–25% and ≥25% for women aged 30 (the anchor) to age 80. We quantified individual-level reclassification flows by direction and magnitude. Results: Excluding PGS from risk calculations led to the highest overall reclassification. Using only the BC status in first- and second-degree relatives produced comparable risk classification to that of the full FH data that included breast, ovarian, prostate and pancreatic cancer (reclassification = 0.5%). However, collecting only affected relatives led to overestimation of risk. Excluding either PGS, MD or FH resulted in a greater proportion of reclassification among younger women. Adding the PGS to risk factors already collected in provincial screening programs reduced reclassification from 23% to ~13%. Conclusions: PGS, MD, QRFs and FH of BC in affected and unaffected first- and second-degree relatives are key for refining risk stratification. These findings provide real-world evidence on how incorporating different sets of risk factors, both those routinely collected in screening programs and those requiring additional data collection, affect individual-level risk classification amongst a population-based cohort, and how the impacts differ across age groups. While risk classification reflects model-based changes in estimated risk categories rather than direct evidence of mis-screening or clinical outcomes, comparison with the current eligibility criteria used to identify women at higher-than-average risk highlights the potential clinical value of a multifactorial risk assessment approach in ensuring more appropriate screening strategies.