Risk‑Based Inspection (RBI) is a strategic methodology that evaluates equipment by considering both the likelihood of failure and the potential consequences associated with that failure. Unlike traditional condition‑based inspection approaches, RBI incorporates qualitative or quantitative assessments of the Probability of Failure (POF) and the Consequence of Failure (COF) for each asset within a processing unit, including piping circuits.
This methodology enables equipment to be ranked according to its overall risk profile, allowing organizations to prioritize inspection activities where they will deliver the greatest impact on safety, reliability, and regulatory compliance. When fully implemented, an RBI program enhances operational safety, optimizes resource allocation, and strengthens long‑term asset performance by directing attention to the most critical areas.