Effective inspection activities and resources should be optimized to focus on high-risk assets, as these assets have the potential to cause unplanned shutdowns and severe disruption to plant operations. The priority treatment of high-risk assets must be balanced with providing sufficient inspection and mitigating actions for other lower-risk equipment as well, to avoid the emergence or growth of problems over time.

Risk-based inspection (RBI) begins with identification of high-risk assets followed by assessment of equipment condition, evaluation of inspection strategies, study of operating protocols and estimation of life consumption of priority assets. This process takes into account the combination of likelihood and consequence of mechanical failure. This information is then used to modify and optimize inspection plans, strategies, audit procedures, operating limits and safety information.