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Risk Based Inspection (RBI) is a risk assessment and management process that is focused on failure modes initiated by material deterioration and controlled primarily through equipment and structure inspection.

It addresses risks due to structural or equipment deterioration from a safety, environment, and economic perspective. Implementation of RBI programmes can provide and document the overall reduction in risk for facilities assessed. RBI programmes identify risks of such low level that require little or no inspection as a means of mitigation and consequently improving management of inspection activities by directing resources to higher risk areas.