The managements of many power plants and their counterparts in the petroleum industry have methods for keeping operations safe and reliable. The practice is called risk-based inspection. It lets companies weigh the risks posed by their equipment so they know how often they should inspect each key component and how to deal with the unexpected. The new American Society of Mechanical Engineers standard, PCC-3-2007 Inspection Planning Using Risk-Based Methods, was specifically developed for planning and executing risk-based inspection of fixed pressure-containing equipment and components. The standard recommends that companies consult experienced materials or corrosion engineers to obtain the best possible analysis. Effective long-term use of the implementation of PCC-3 on a widespread basis throughout industry will require two things: acceptance by local jurisdictions and major insurance carriers of the fundamental principles of a risk-based inspection, and further education of the engineering community.