Recently, regulatory bodies quite often encourage to adopt risk-based inspection (RBI) and management programs because they can enhance safety simultaneously with deregulation in Korea. RBI is an integrated methodology that factors risk into inspection and maintenance decision making. This paper describes an example of how to use known risk assessment codes (API 580, API 581 BRD) to address such safety analysis requirements for risk management in the refining industry. Specifically, this paper reports the methodology and the results of application to the refinery units using the KGS-RBITM program, developed by the Korea Gas Safety Corporation in reference of API Codes and ASME PC (Post Construction) with a suitable consideration of Korean situation. The results of the risk and reliability assessment using KGS-RBITM program are useful in determining whether the detected defects are tolerable or required to be repaired. The subsequent decisions are to manage the future inspection, repair and maintenance planning in the risk reduction control.