The data for Risk-IT 2.0 stems from studies of failure probability related to corrosion and cracking mechanisms. Relationships have been identified and developed, and the resulting probabilities and failure consequences are integrated within Risk-IT to facilitate rank ordering and Risk Based Inspection.
In addition, it has 16 mechanisms to determine the probability of critical corrosion, cracking and mechanical failure. It uses multiple engineering parameters and a complex risk rating generation model for a quantified evaluation of environments, equipment and materials. An intuitive interface further simplifies the process of data capture and analysis, enabling substantial cost and time savings over and above traditional manual Risk Based Inspection tasks.