The result of a Risk-Based Inspection analysis (RBI) is an optimized and cost-effective inspection plan. In а traditional, well-established, approach to conducting RBI analyses, components are analyzed by determining a very specific combination of process conditions, construction materials, and damage mechanisms. The main research objective of the doctoral dissertation is development of a modified methodology for an RBI application. Main differences of modified methodology, compared to the traditional approach postulated in the API RP 580 document and the ASME PCC 3 standard, are that active and passive (potential) damage mechanisms are identified, as well as conditions under which the passive could be activated, Moreover, the concept of barriers and their relative effectiveness in preventing damage to pressure equipment is introduced. The methodology was applied on two facilities, a petrochemical plant in which 17 units with over 2,500 pieces of equipment and 22,700 sections of pipelines were analyzed, and an experimental biomass gasification cogeneration plant that was analyzed in order to demonstrate the versatility of modified methodology application. Finally, the main result of application of Innovative approach lies in the fact that one can setup the system that can be more useful than the traditional approach to an RBI analysis in a way that specific time frame for triggering an RBI review can be better defined.