API has researched and developed an approach to risk-based inspection (RBI). This document details the procedures and methodology of RBI. RBI is an integrated methodology that uses risk as a basis for prioritizing and managing an in-service equipment inspection program by combining both the likelihood of failure and the consequence of failure. Utilizing the output of the RBI, the user can design an inspection program that manages or maintains the risk of equipment failures. The following are three major goals of the RBI program: Provide the capability to define and quantify the risk of process equipment failure, creating an effective tool for managing many of the important elements of a process plant. Allow management to review safety, environmental, and business-interruption risks in an integrated, cost effective manner. Systematically reduce the likelihood and consequence of failure by allocating inspection resources to high risk equipment. The RBI methodology provides the basis for managing risk, by making informed decisions on the inspection method, coverage required and frequency of inspections. In most plants, a large percent of the total unit risk will be concentrated in a relatively small percent of the equipment items. These potential high risk components may require greater attention, perhaps through a revised inspection plan. With an RBI program in place, inspections will continue to be conducted as defined in existing working documents, but priorities and frequencies will be guided by the RBI procedure. The RBI analysis looks not only at inspection, equipment design, and maintenance records, but also at numerous process safety management issues and all other significant issues that can affect the overall mechanical integrity and safety of a process unit.