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Risk based inspection is the process of developing a scheme of inspection based on knowledge of the risk of failure. The essential process is a risk analysis. This is the combination of an assessment of the likelihood (probability) of failure due to flaws damage, deterioration or degradation with an assessment of the consequences of such failure.

The information gained from this process is used to identify (a) the type of damage that may potentially be present, (b) where such damage could occur, (c) the rate at which such damage might evolve, and (d) where failure would give rise to danger. Areas at high risk usually have credible damage mechanisms combined with high consequences from structural failure, the release of hazardous substances or stored energy. A suitable inspection scheme will deploy techniques at a frequency that provides adequate confidence about the condition, taking account of the damage mechanisms and the reliability of the inspection techniques used.

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