API RP 17N provides a structured approach which organizations can adopt to manage risk and uncertainties related to reliability and integrity performance throughout the life of a project. This may range from the management of general project risk through to the identification and removal of potential failure modes in particular equipment. The basic approach is simple and consistent, and when applied correctly has the potential to greatly reduce the financial risk of designing, manufacturing, installing and operating subsea equipment and/or systems. This paper presents the principals and approaches used in API 17N, what it is in general, and why it was written. It will describe the status of its update, including the reasons for the revision and the addition of Integrity Management. It will not cover the detail of the RP, but instead it will describe the underlying paradigm and key processes and how it is being written to facilitate and enable wider application to other technical disciplines. Finally the paper will outline its relationship to other API documents, standards and industry initiatives and what we have learnt from the recent events.

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