This study was conducted based on the risk management approach. Using this methodology to find out the probability of equipment failure modes, and the influence of the failure modes on the cost of production discontinuity to further understand the failure risks on various failure modes. The high/medium/low failure risks could be utilized to determine the optimal maintenance strategy for effectively reducing the failure risks and loss of the equipments which against to key system in the petrochemical refinery. Risks analysis by this study for discussing failure modes, the risk distribution could be better understood to prevent the over maintenance of low-risk equipment and the insufficient maintenance of high-risk equipment so as to enhance the reliability for the plant. Risk based maintenance (RBM) employed by this study is a comprehensive analysis and planning approach to optimize maintenance efforts and to improve maintenance management systems. RBM concept & the tools for asset integrity management integrates Risk Based Inspection (RBI), Reliability Centered Maintenance (RCM) and Safety Integrity Level services (SIL) addressing all the assets of an operating process facility. The working process is essentially divided into two main parts i.e. screening and detailed analysis. The objective of the screening process is to identify low risk systems and focus the ttention on the high risk systems being the main contributors to the operational risk i.e. safety,environmental and business risk. Subsequent to the screening analysis process,high risk system tags are subjected to detailed analysis using RBI, RCM and SIL methodologies so that inspection and maintenance strategies can be developed,job packed and then implemented in the plant Computerized Maintenance Management System (CMMS). Low risk system tags are not omitted, but appropriate strategies are identified and developed specifically for these tags. RBI iv captures all the pressurized static equipment & piping. whereas in RCM all the static & rotary equipment inclusive of Electrical & nstrumentation, safety,material handling etc. are covered. This study took the petrochemical plants as case studies and applied risk management to promote safety and operational reliability of petrochemical plant and to develop its maintenance and inspection program. The goal of this study was to provide plant managers and engineers with a complete summary of information and apprise them of the present status of their maintenance and inspection efforts and also to provide more efficient and more crystal-clear maintenance information so that better management techniques can be supported to meet the demands of fast and correct decisions