In recent editions of API STD 653, Tank Inspection, Repair, Alteration, and Reconstruction, the use of Risk-Based Inspection (RBI) has been permitted as a means of determining the next inspection date for initial and subsequent internal inspection of storage tanks. In accordance with API 653, the RBI assessment must consist of a systematic evaluation of risk, which is the product of the likelihood, or probability of failure (POF), and the associated consequence of failure (COF) in accordance with API RP 580, Risk-Based Inspection.
