Segmentation and Grouping approach has been widely practiced in the integrity management and maintenance work of upstream pipework in the Oil and Gas industry over the last decades. However, a technique for categorising the pipework in groups of common damage mechanism in a rationalized manner in order to apply right inspection and monitoring techniques for the detection and to gain/increase confidence on achieving sufficient level of coverage has been a matter of debate. In order to apply effective sample inspection and monitoring for an asset with thousands of lines and to ensure their integrity and safe operation, it is crucial to have an effective grouping strategy for assessing their risk of failure. This can be more crucial when dealing with high pressure and high temperature hydrocarbon services. In a typical offshore producing platform, lines within each service or process system can be grouped in a number of Corrosion Circuits or Corrosion Loops based on their functions, materials of construction, pressure and temperature ratings. These parameters are the main elements for specifying the probability and consequence of failure which determines the overall risk of a corrosion circuit in alignment with operators risk targets. This work provides a systematic approach to effectively address grouping requirements in the integrity management of pipework utilizing Risk-Based Assessment (RBA) by the aid of a software tool. All possible failure mechanisms, their probability and the consequences of failure will be taken into account in order to effectively calculate the overall failure risk ranking of the components. This approach can be applied both at the design stage (Green field) and operational phases as well as for the life extension of the aged platform when required. The final output from the RBA includes inspection schemes for pipework at varying risk levels to identify the correct examination techniques and inspection due dates. © 2017 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim. All rights reserved.