In petrochemical, power generation, oil and gas industries and in variety of other sectors rotating equipments are in use to fulfill production requirements. Failure of rotating equipment, especially in such industries can result to risk related issues. A well implemented rotating equipment risk assessment strategy is most needed to achieve desired plant availability and efficiency. In this research semi-quantitative risk assessment approach is proposed to evaluate the risk of rotating equipment and categorize their associated failure risks. Borda ranking is adopted to evaluate the risk in order to minimize risk ties which exist in risk matrix. Compressor is taken as case study to show the applicability of the proposed method for rotating equipment. It was observed that risks of selected failure modes of gas turbine compressor fall in the categories of serious and medium levels based on risk matrix. Rotor bend distortion, blade failure or inlet guide vane failures needed more attention for treatment based on Borda ranking. © (2014) Trans Tech Publications, Switzerland.