Risk-Based Inspection (RBI) is a strategic methodology that evaluates equipment based on the likelihood and impact of potential failures. Unlike condition-based inspection, RBI involves a qualitative or quantitative assessment of both the Probability of Failure (POF) and the Consequence of Failure (COF) for each asset within a processing unit, including piping circuits.

Through this approach, equipment is classified according to its risk level, enabling organizations to prioritize inspection activities based on hazard potential. A fully implemented RBI program enhances safety, optimizes resource allocation, and improves overall asset reliability.