This paper describes the status of the API project to develop and maintain Risk-Based Inspection (RBI) methodology for application within the petroleum and chemical industry. The original project has now moved from a "development" phase into an "implement and improve" phase. This paper describes the essential features of API RB1, the most recent enhancements, software features, the future direction for the project, and some user experiences. This paper also describes the acceptance of RBI by various API codes and standards, the development of an API
recommended practice on RBI and the development of an ASME standard on RBI.