Risk-based inspection (RBI) uses risk analysis methods to focus tests and inspections on process equipment in high-risk service so that potential losses in terms of safety, environmental impacts, equipment damage, and business interruption are minimized. Its utility is based on the rough premise that 10% of the equipment in a process contributes 90% of the risk. Consequently, if this 10% of the equipment can be identified, testing and inspection can be focused on it rather than low-risk items. This approach is clearly preferable to the usual method of treating all equipment equally, regardless of its risk contribution.

Based on the The American Petroleum Institute (API) specification Metserve has developed an RBI software-approach. The technique looks at both the likelihood of failure as well as the associated consequence for each piece of equipment. RBI is used to focus inspections and resources on those equipment items that have the greatest likelihood and consequence of failure.