The widely used engineering decisions concerning the performance of technological equipment for process industries are usually deterministic. Since the early 1990s probabilistic methods and risk assessment are now well established tools for assessing the behavior of many chemicals or processing installations. The paper presents a probabilistic approximation procedure for the risk assessment, suitable for technological equipment. It is reported like a risk of failure for a tank vessel type during its serviceable life, associated with structure's strength and corrosion defects. Simulation technique of a performance function, named the limit state function (LSF), which includes the main operating and dimensional parameters of the structure, was preferred. It was conducted according to the direct simulation method named Latin Hypercube Sampling (LHS) and a well-known reliability method, the FORM/SORM method (First Order Reliability Method/Second Order Reliability Method). For the fir...